Synopsis
Jio Platforms has received Sebi approval for its proposed Rs 37,700 crore IPO, bringing Reliance Industries’ much-awaited listing closer. The issue could value Jio at nearly Rs 9.5 trillion and become India’s largest IPO. The company plans to use Rs 27,500 crore of proceeds to repay borrowings of Reliance Jio Infocomm.
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Reliance Industries-backed Jio Platforms has moved a step closer to its much-awaited public listing after receiving approval from the Securities and Exchange Board of India (SEBI) for its draft initial public offering (IPO) papers.
The public issue is reportedly targeting a fundraise of around Rs 37,700 crore, implying a valuation of nearly Rs 9.5 trillion and potentially making it one of the largest IPOs in India.
Jio Platforms had filed its Draft Red Herring Prospectus (DRHP) with SEBI on June 19, setting the stage for what is expected to be one of India's biggest public offerings. Reliance Industries Chairman Mukesh Ambani, speaking at the company's 49th Annual General Meeting (AGM) in June, said the much-awaited Jio listing would be the company's most important “value creation milestone” of the year.
Ambani said the IPO would unlock significant value for Reliance Industries shareholders while also providing an attractive investment opportunity for other investors.
The IPO will comprise an entirely fresh issue of up to 27 crore shares, with no offer-for-sale (OFS) component. This means the proceeds from the issue will accrue to the company. Up to 50% of the issue will be reserved for Qualified Institutional Buyers (QIBs), while at least 35% will be allocated to retail individual investors. The company has not yet disclosed the portion that will be reserved for eligible Reliance Industries shareholders and employees.
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According to the DRHP, Jio Platforms plans to use Rs 27,500 crore, or nearly $3 billion, from the IPO proceeds to prepay certain borrowings of its subsidiary Reliance Jio Infocomm Ltd (RJIL). The remaining proceeds will be used for general corporate purposes. While the final issue size is yet to be disclosed, analysts expect Jio Platforms' IPO to rank among India's largest-ever public offerings. At an expected issue size of around $3 billion, the IPO could surpass Hyundai Motor India's share sale and become the largest listing in India's history.
KFin Technologies will serve as registrar to the issue, while the book-running lead managers include Kotak Mahindra Capital Company Limited, Morgan Stanley India Company Private Limited, BofA Securities India Limited, Axis Capital Limited, BNP Paribas, Citigroup Global Markets India Private Limited, CLSA India Private Limited, DAM Capital Advisors Limited, Goldman Sachs (India) Securities Private Limited, HDFC Bank Limited, HSBC Securities and Capital Markets (India) Private Limited, ICICI Securities Limited, IIFL Capital Services Limited, Jefferies India Private Limited, JM Financial Limited, J.P. Morgan India Private Limited, SBI Capital Markets Limited, UBS Securities India Private Limited and 360 ONE WAM Limited.
Also read: Jio IPO filed: 10 crucial things investors must know about Ambani's $3 billion plan
Reliance Industries is Jio Platforms' largest shareholder, with a 66.43% stake. Facebook and Instagram parent Meta holds nearly 10% through its indirectly held subsidiary Jaadhu Holdings, while Google International LLC owns an 8% stake. Other shareholders include Saudi Arabia's Public Investment Fund, KKR subsidiary Omicron Asia Holdings II, Vista Equity Partners Management's VEPF VII AIV I, SLP Redwood Holdings, Mubadala Investment Company subsidiary MIC Redwood 1 RSC, General Atlantic Singapore JP Pte and Platinum Jasmine A 2018 Trust, each holding stakes in the 1–2% range.
About Jio Platforms
Jio Platforms is a technology platform built on proprietary digital technology and pan-India digital connectivity as its foundational layer, with a focus on driving India's digital transformation by expanding access to digital connectivity and services. According to the company, India's digital economy is expected to reach $1.4 trillion (Rs 125.8 trillion) by fiscal 2031, as per the Analysys Mason Report. Its subsidiary, Reliance Jio Infocomm Limited (RJIL), served 524.4 million customers in India as of March 31, 2026.
Jio Platforms combines mobile, fixed broadband and digital services on a unified platform, along with data and customer personalisation. The company positions this as a comprehensive digital gateway through which a significant proportion of Indian consumers access the internet, digital services and emerging technologies, including artificial intelligence (AI).
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
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