Jio Platforms Gets Markets Regulator's Approval For $3.8-Billion IPO

Jio Platforms Ltd, the digital services arm of billionaire Mukesh Ambani's Reliance Industries Ltd, has received approval from markets regulator Sebi to proceed with an initial public offering that could raise about $3.8 billion.

The Securities and Exchange Board of India (Sebi) issued its final observations on August 28, according to an update on the regulator's website.

Jio Platforms had filed its draft IPO papers in June.

"Jio Platforms Limited (JPL), subsidiary of the company, has today, i.e., August 28, 2026, received the observation letter on the Draft Red Herring Prospectus (DRHP) filed for its proposed Initial Public Offer from the Securities and Exchange Board of India," Reliance Industries Limited (RIL) said in a regulatory filing.

The company plans to issue up to 27 crore fresh equity shares, equivalent to about 2.9 per cent of its post-issue equity base, according to its draft prospectus. The offering could value Jio Platforms at about $137 billion, people familiar with the matter said.

At the estimated issue size of about Rs 37,700 crore ($3.8 billion), the offering would surpass Hyundai Motor India's USD 3.3 billion-equivalent listing in 2024 and become the largest IPO in India. A proposed IPO by the National Stock Exchange, estimated at about Rs 30,000 crore, would also be smaller.

The proceeds will be used primarily to repay or prepay, in whole or in part, about Rs 27,500 crore of outstanding borrowings of Reliance Jio Infocomm Ltd, Jio Platforms' material subsidiary, according to the draft prospectus. The remainder is earmarked for general corporate purposes.

The public offering comes as India's primary market has remained active, with strong participation from retail investors and domestic institutions. More than two dozen IPOs have been announced or launched since July 1, nearly matching the 28 recorded in the first half of 2026.

Jio Platforms houses Reliance's digital businesses, including its telecommunications operations.

Reliance Jio Infocomm, the telecom arm of JPL, dominates the Indian telecom market with a 32.89 per cent market share in fixed-line connections, serving 157.9 million customers, and a 39.29 per cent share in mobile connections, with 506 million customers.

JPL has the largest 5G Standalone network outside China, with 26.85 crore 5G customers as of June 2026.

Jio leads the Fixed Wireless Access segment globally with about 1.5 crore subscribers, roughly 1.5 times the second-largest player, US-based T-Mobile.

Jio claims that its 5G network's carrying capacity is close to 60 per cent of India's wireless data traffic, one of the largest in the world.

Leveraging its network and data traffic capacity, Jio has expanded business into other areas, including cloud, artificial intelligence and enterprise network services.