Mumbai, August 31, 2026: Jio Platforms Ltd has received final approval from the Securities and Exchange Board of India (SEBI) to proceed with its proposed initial public offering (IPO), paving the way for a potential ₹37,700 crore ($3.8 billion) issue that could become India’s largest-ever stock-market listing.
SEBI issued its observation letter on August 28, clearing the digital-services arm of Reliance Industries to move forward with the proposed offering. Jio Platforms had filed its Draft Red Herring Prospectus (DRHP) in June, and Reliance Industries subsequently confirmed receipt of the regulatory approval through a stock exchange filing.
Under the proposed structure, Jio Platforms plans to issue up to 270 million fresh equity shares with a face value of ₹10 each. The issue represents approximately 2.93 percent dilution of the company’s post-issue equity base.
If completed at the estimated issue size, the IPO would surpass Hyundai Motor India’s ₹27,859 crore offering in 2024, making it the largest IPO in India by issue size.
A significant portion of the proceeds is expected to be used for reducing debt at Reliance Jio Infocomm, Jio Platforms’ telecom subsidiary. Around ₹27,500 crore has been earmarked for repayment or prepayment of outstanding borrowings, while the remaining funds will be deployed for general corporate purposes.
The proposed IPO does not include an offer for sale, meaning existing shareholders, including Reliance Industries, Meta and Google, will not sell their holdings as part of the issue.
Kotak Mahindra Capital Company is serving as the lead manager for the transaction. SEBI’s approval remains valid for 12 months, during which Jio Platforms will need to complete the remaining regulatory and procedural requirements, including filing updated offer documents.
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The company has yet to announce the price band, subscription dates, lot size or listing schedule.
The proposed listing comes amid increasing investor interest in India’s digital infrastructure and technology sectors, particularly as demand for telecom, cloud computing, data centres and AI infrastructure continues to expand.
