Jio Platforms gets nod for $4 billion IPO, India’s biggest ever

Jio Platforms Ltd, the digital and telecom business of Reliance Industries Ltd (RIL), is set to enter the capital market with a mega public offer that could redefine the scale of India’s initial public offering (IPO) market. The company has received clearance from the Securities and Exchange Board of India (SEBI) to proceed with its IPO, which is expected to mobilise about Rs 37,700 crore, or close to $4 billion.

The Jio IPO, which is likely to be the largest IPO to hit the market so far, will be a fresh issue of 27 crore equity shares of face value of Rs 10 each at an issue price to be determined through the book building process. Of the issue proceeds, Rs 27,500 crore will be utilised to repay debt and the balance will be used for general corporate purposes not exceeding 25% of the proceeds.

Not less than 35% of the net issue will be available for allocation to retail individual investors, according to the DRHP.

With Jio now announcing its IPO plan, two mega IPOs will raise over Rs 67,000 crore from the market in the coming months. The National Stock Exchange (NSE) had also submitted its IPO documents. SEBI is expected to clear the NSE IPO soon. Market estimates suggest the NSE offering could raise around Rs 30,000 crore through an offer for sale.

The proposed IPO of Jio Platforms has been one of the most closely watched developments in India’s capital markets, largely because of the company’s dominant position in telecommunications and its rapidly expanding digital ecosystem. Since its launch in 2016, Jio transformed the Indian telecom sector through aggressive pricing, widespread 4G and 5G adoption and large-scale investments in network infrastructure.

Speculation about a public listing of Jio intensified after Jio Platforms attracted billions of dollars in investments from global technology majors like Meta Platform, Google and Intel in 2020. The fundraising exercise brought in strategic investors who valued the business at levels that placed it among India’s most valuable unlisted companies. Meta invested $ 5.7 billion to acquire its 9.98% stake in Jio in 2020.

Among large IPOs, Hyundai raised Rs 27,870 crore through its IPO in October 2024, surpassing the Rs 21,008-crore issue of Life Insurance Corporation of India (LIC) in 2022. Other landmark offerings include Paytm’s Rs 18,300-crore IPO in 2021 and Coal India’s Rs 15,475-crore issue in 2010. Reliance Power raised around Rs 11,500 crore through its 2008 IPO.

George Mathew is an Associate Editor with The Indian Express, based in Mumbai. A veteran of financial journalism with nearly three decades of experience, he is one of the country’s most authoritative voices on banking, regulation, and the corporate sector. Expertise & Focus Areas Mathew’s reporting covers the nerve center of India’s economy. His specialized beats include: The Reserve Bank of India (RBI): He has tracked the central bank's policy evolution through the tenures of multiple Governors, offering deep insights into monetary policy, repo rates, and banking regulation. Banking & Insurance: Extensive coverage of public and private sector banks, non-performing assets (NPAs), and key legislative reforms like the Insurance Amendment Bills. Corporate Affairs: Mathew frequently breaks major stories related to India's largest conglomerates, with a specific focus on the Tata Group, documenting boardroom shifts and strategic decisions. Financial Markets: Reporting on the complexities of Foreign Portfolio Investors (FPIs), IPOs, and currency fluctuations. Authoritativeness & Insight With a career dating back to the late 1990s, Mathew possesses a rare institutional memory of India’s financial liberalization and market crises. His work is not limited to daily news; he frequently contributes to the "Explained" section, where he decodes complex financial legislations and market trends for a broader audience. His rigorous reporting has also been featured in scholarly platforms like the Economic and Political Weekly (EPW). Find all stories by George Mathew here ... Read More