Jio Platforms has been cleared by the Securities and Exchange Board of India (SEBI) for the initial public offering (IPO) this quarter, which could be India’s largest IPO ever.
The Mukesh Ambani-led company is expected to raise around $3.8 billion to $4 billion, which would be roughly ₹36,000 crore or ₹37,700 crore, if it goes close to the size it is currently indicated. SEBI issued its final observations on August 28, which is a key regulatory hurdle for the proposed listing.
Jio Platforms had filed its draft IPO papers in June. With SEBI approval from the company, the company can now work towards finalising the issue structure, valuation, pricing and launch date as per market conditions and other regulatory requirements.
Consequently, it will raise ₹37,700 crore
The IPO of Jio Platforms would value the company at about $137 billion, according to the company’s draft prospectus cited by the newspapers. The company plans to issue up to 27 crore fresh equity shares, which is about 2.9% of its post-issue equity capital.
The IPO is most likely to be a fresh issue. That is, the capital raised would go into the company rather than simply the sale of shares to existing shareholders.
A new issue also means investors will be closely watching how Jio Platforms plans to deploy the funds and how the fundraising could affect its financial position following the listing.
Jio IPO to Help Reduce Debt
One of the largest uses of the IPO proceeds is expected to be debt repayment at Reliance Jio Infocomm, Jio Platforms' telecom subsidiary.
Reuters has reported that around ₹27,500 crore of the proceeds could be used to reduce borrowings at the telecom business. The rest is expected to be used for general corporate purposes and other requirements outlined in the final offer documents.
For investors, debt reduction would be beneficial because it would be a positive for the telecom subsidiary’s balance sheet and may reduce its financing load.
The final prospectus will be more specific as to the allocation of the IPO proceeds.
Why Jio Platforms IPO Is Important?
Jio Platforms is at the heart of Reliance Industries’ digital ecosystem. Its businesses span telecommunications, digital services, enterprise connectivity, cloud and emerging technologies like artificial intelligence.
Its flagship telecom business, Reliance Jio, has about 524.4 million subscribers as of March, according to reports. The huge subscriber base gives Jio a toehold in India’s rapidly growing digital and mobile market.
The company also has backing from some of the world’s biggest technology investors. Meta invested ₹43,574 crore in 2020 for a 9.99% stake in Jio Platforms, and Google invested ₹33,737 crore for a 7.73% hold.
Reliance Industries is still the controlling shareholder.
Will Jio Become India’s Biggest IPO?
If Jio Platforms can raise close to ₹37,700 crore, its IPO could set a new record for the largest public issue in India's stock market.
The proposed issue would be larger than previous major Indian IPOs and could also exceed the size being discussed for the proposed National Stock Exchange listing, which has been estimated at around ₹30,000 crore in reports.
Jio's possible listing comes at a time when India's primary market is booming. More than two dozen IPOs have been launched or announced since July 1, 2026, and companies and investors are still in the market.
A Jio Platforms IPO of this size could therefore become one of the year’s most closely watched market events.
What Happens After SEBI Approval?
SEBI approval is a big step, but it does not mean that Jio Platforms IPO will open immediately.
The company still needs to finalize several key details, including the price band, issue size, lot size, anchor investor allocation, subscription dates, and listing timeline.
Investors will also be looking forward to the final valuation of the company. At a price of around $137 billion, the pricing of the IPO will dictate how attractive it is to retail, institutional, and foreign investors.
If Jio Platforms goes ahead with an issue that is close to the expected ₹37,700 crore size, then the listing could be a new landmark event in India's capital markets, and the IPO environment in our country will be set up.
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