Jio Platforms Ltd, the digital and telecom business of Reliance Industries, has received the Securities and Exchange Board of India’s (SEBI) final observations for its proposed initial public offering (IPO), clearing a major regulatory hurdle for what could become India’s largest-ever public issue.
The company is looking to raise around ₹37,700 crore, or nearly $4 billion, through the IPO. If launched at the proposed size, the issue would comfortably overtake the current record held by Hyundai Motor India, which raised ₹27,859 crore through its 2024 listing. The proposed Jio IPO is therefore set to become one of the biggest events in India’s primary market.
Jio Platforms had submitted its draft red herring prospectus (DRHP) to SEBI in June, beginning the formal process for its much-awaited stock market debut. The regulator’s final observations on August 28 allow the company to move ahead with preparations for the public issue, subject to the remaining regulatory and procedural requirements.
The proposed IPO will consist of a fresh issue of up to 27 crore equity shares. These shares are expected to represent about 2.9% of Jio Platforms’ post-issue equity capital. Unlike an offer-for-sale, where existing shareholders sell their shares, the Jio offering is structured as a primary issue, meaning the money raised will go to the company.
A major portion of the IPO proceeds is expected to be used to repay or prepay outstanding borrowings of Reliance Jio Infocomm Ltd, Jio Platforms’ key subsidiary. The company has also earmarked funds for general corporate purposes.
The planned use of funds makes debt reduction an important part of the Jio IPO story. The proposed issue could strengthen the financial position of the telecom business while giving Jio Platforms a separately listed identity in the public market.
The IPO is also significant because it will give investors a direct opportunity to participate in Jio’s rapidly expanding digital ecosystem. Over the years, Jio has moved beyond mobile connectivity to build businesses spanning digital services, broadband, enterprise solutions, cloud services and emerging technologies such as artificial intelligence. Its scale has made the public offering one of the most closely watched IPOs in India.
Jio Platforms has already attracted several major global investors. Meta invested about ₹43,574 crore in 2020 for a 9.99% stake, while Google invested around ₹33,737 crore for a 7.73% holding. A group of global financial and strategic investors also invested heavily in the company, including Silver Lake, Vista Equity Partners, General Atlantic, KKR, Mubadala, ADIA, TPG, L Catterton, the Public Investment Fund of Saudi Arabia, Intel Capital and Qualcomm Ventures.
Reliance Industries currently owns about 66.43% of Jio Platforms. Meta and Google together hold around 17.71%, with the balance owned by other investors. The IPO will consequently bring a portion of the company’s equity into public ownership while creating a market-determined valuation for one of India’s most prominent digital businesses.
The proposed Jio Platforms valuation has attracted considerable attention. Reports have placed the potential valuation at around $137 billion, although the final valuation will depend on the eventual issue price and market conditions. The price band has not yet been announced, and investors will have to wait for further IPO-related disclosures before assessing the offer more precisely.
The financial performance of Jio Platforms has also strengthened the case for its public listing. In the first quarter of FY27, the company reported revenue of ₹45,961 crore, a 12% year-on-year increase. Segment EBITDA rose 15.1% to ₹20,865 crore, while profit increased 9.2% to ₹7,764 crore. Average revenue per user, or ARPU, also improved to ₹215.6, reflecting continued growth in its telecom business.
The timing of the Jio IPO comes as India’s primary market is witnessing renewed activity. Companies have returned to the IPO market in significant numbers, supported by domestic liquidity and investor appetite for new listings. Data cited in recent reports showed that 60 IPOs raised ₹72,165 crore between January and August 2026, with July and August accounting for a substantial share of the fundraising.
The Jio listing could further lift the profile of India’s IPO market. A successful issue would not only set a new fundraising record but could also provide investors with a clearer market valuation of Reliance’s digital and telecom operations.
The Reliance group’s connection with the public market is another reason the issue is being closely watched. The Jio Platforms IPO is expected to be the first IPO from the Reliance group since 2008 and marks the first public offering of a consumer-focused business within the conglomerate.
The company’s listing could also influence how investors value India’s large technology and telecom businesses. With more than 533 million subscribers, Jio has developed into one of the world’s largest mobile operators while expanding into a broader digital-services platform.
SEBI’s approval marks the biggest step yet towards Jio Platforms becoming a publicly traded company. If the proposed ₹37,700-crore issue proceeds as planned, Jio will rewrite India’s IPO record book and give the country’s stock market one of its most closely followed new listings in years.