Jio Platforms Secures SEBI Approval for Major IPO, Poised to Become India’s Largest
Jio Platforms, the digital subsidiary of Reliance Industries led by Mukesh Ambani, has received approval from the Securities and Exchange Board of India (Sebi) for its initial public offering (IPO). The IPO is anticipated to raise up to $4 billion, potentially making it the largest stock market debut in India’s history. Reliance Industries announced the clearance in a stock exchange filing on Friday, confirming that Jio Platforms obtained Sebi’s “observation letter” on its draft red herring prospectus.
The observation letter signifies the completion of Sebi’s final review of the IPO documents, indicating no outstanding queries or objections. Companies must initiate their offerings within 12 months of receiving this letter or seek new approval. With this clearance, Jio Platforms can proceed to finalize the listing process, which includes setting a price band, filing the final prospectus, and announcing subscription dates.
At the targeted $4 billion, or over Rs 37,700 crore, the IPO would surpass Hyundai Motor India’s $3.3 billion offering in 2024, currently the largest in the country. Jio Platforms plans a pure primary issue, with no offer-for-sale component. The company will issue 27 crore shares at a face value of Rs 10 each, resulting in an equity dilution of 2.9%. Since no existing shareholders are selling stock, all proceeds will benefit the company directly.
The dilution level is slightly above the minimum public float required under Sebi’s new listing rules. Companies valued over Rs 5 lakh crore can initially float as little as 2.5% of equity and meet the mandatory 25% public shareholding requirement over a decade. Ambani first announced plans to list Jio Platforms in 2019. While Reliance Industries spun off Jio Financial Services in 2023, that transaction was executed through a demerger rather than an IPO.
This IPO would be the first public offering for Reliance Industries since the listing of Reliance Petroleum in 2006, which was later folded back into the parent company. Proceeds from the IPO will be utilized to retire debt and support general corporate purposes. As of March 31, 2026, Jio Platforms reported net debt of Rs 27,579 crore. Reliance Industries holds a 66.43% stake in Jio Platforms, while the remaining 33.57% is owned by global investors, including Meta Platforms, Google International, Saudi Arabia’s Public Investment Fund, KKR, and Vista Equity Partners.
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