Jio Platforms has received approval from the Securities and Exchange Board of India for its proposed initial public offering, clearing an important regulatory step towards what could become the country’s largest-ever stock-market listing.
The digital-services subsidiary of Reliance Industries is expected to raise approximately $3.8 billion, or around ₹37,700 crore, if the offer proceeds at the valuation presently being considered.
The proposed Jio Platforms IPO will consist entirely of a fresh issue of up to 270 million equity shares with a face value of ₹10 each. The draft prospectus does not include an offer for sale, meaning existing shareholders such as Reliance Industries, Meta and Google are not proposing to sell shares through the IPO.
The final amount raised will depend on the price band established closer to the opening of the offer. Jio has not yet announced the subscription dates, issue price, lot size or listing schedule.
SEBI’s final observations allow the company to continue preparations for the public issue, subject to completing the remaining regulatory and procedural requirements.
IPO Could Set a New Record in India
At an estimated $3.8 billion, the Jio offering would exceed the $2.95 billion raised by Hyundai Motor India in 2024, currently the largest IPO completed in the Indian market.
The issue is expected to represent approximately 2.9% of Jio Platforms’ post-offer equity capital. Its relatively small public float, compared with the overall size of the company, reflects the large valuation attached to India’s biggest telecom and digital-services platform.
Reliance Industries currently owns about 66.4% of Jio Platforms. Meta holds approximately 9.9%, while Google owns around 7.7%.
Other shareholders include global investment firms and sovereign funds that invested in Jio during the company’s major fundraising exercise in 2020. Since no offer-for-sale component is planned, the IPO proceeds will go to Jio Platforms rather than those existing investors.
The listing would also provide the market with a separate valuation for Jio, which is currently included within Reliance Industries’ wider operations spanning energy, retail, digital services and new-energy businesses.
Reliance shareholders have historically gained exposure to Jio through the listed parent. A direct listing will allow Jio’s revenue, profit, subscriber growth and capital requirements to be assessed independently by public-market investors.
Most Proceeds Set Aside for Debt Repayment
Jio plans to use approximately ₹27,500 crore from the fresh issue to repay or prepay borrowings held by its telecom subsidiary, Reliance Jio Infocomm.
Reducing debt could lower financing expenses and strengthen the balance sheet as the company continues investing in mobile networks, home broadband, artificial intelligence, cloud infrastructure and enterprise connectivity.
The remaining proceeds will be available for other purposes described in the final offer documents, after deducting IPO expenses.
The structure makes debt reduction the principal financial objective of the issue. The offer is not primarily designed to provide an exit for Meta, Google or other early institutional investors.
Jio filed its draft red herring prospectus with SEBI in June. The regulator’s approval arrived as activity in India’s primary market accelerated, with more than two dozen public offers announced or launched since July 1.
Several recent IPOs have attracted strong demand from institutional, high-net-worth and retail investors. That improving environment provides the backdrop for a transaction much larger than the average Indian public issue.
Subscriber Base Crosses 533 Million
Jio has built a base of more than 533 million subscribers as of June 30, placing it behind only China Mobile among global telecom operators.
The company has also expanded beyond conventional mobile connectivity. Its operations now include fixed wireless broadband, fibre services, cloud platforms, enterprise networks, digital applications and artificial-intelligence products.
Jio’s standalone 5G network had around 285 million subscribers at the end of June. The company said 5G traffic had grown to approximately one-and-a-half times the traffic carried by its 4G network.
Average monthly data use reached 43.7 GB per subscriber, while total traffic across the network stood at 241 exabytes during FY26, an increase of 30.8% from the previous year.
Jio Platforms reported FY26 revenue of ₹1,46,885 crore, up 14.6% year-on-year. Revenue and subscriber numbers increased even as its workforce declined about 21% to 27,935 employees during the financial year ended March 31.
The reduction in headcount indicates a sharper focus on operating efficiency as Jio prepares to face the disclosure, governance and profitability expectations that accompany a public listing.
Timing and Price Remain Unconfirmed
SEBI approval does not mean the IPO has opened or that the estimated fundraising amount is final.
Jio must now file updated offer documents and determine the price band in consultation with its investment bankers. The company will also need to announce the anchor-investor allocation, bidding dates, minimum application size and expected listing date.
Any valuation suggested before those details are released remains provisional. Market conditions, institutional demand and the final number of shares offered will influence the issue price and total proceeds.
The IPO will also dilute Reliance Industries’ percentage ownership, although it will remain the controlling shareholder after the proposed listing.
The regulatory approval brings Jio closer to a milestone that Reliance has discussed for several years. If completed at the expected size, the offer would establish a new record for India’s IPO market and create a separately listed vehicle for one of the country’s largest consumer technology businesses.
For now, the confirmed details are SEBI’s approval, a fresh issue of up to 270 million shares and the planned use of a substantial portion of the proceeds to reduce Reliance Jio Infocomm’s debt. The price, dates and final issue size are still awaited.
