Jio Platforms

Telecom · Digital Services · Capital Markets

IPO

Jio Platforms clears SEBI hurdle for $3.8B IPO, India's biggest

The offering would eclipse Hyundai Motor India's 2024 debut as the country's largest, using proceeds mainly to slash telecom debt rather than fund growth.

• India's SEBI issued an observation letter approving Jio Platforms' IPO of up to 27 crore fresh shares, sized at roughly Rs 37,700 crore ($3.8-4 billion).
• Jio Platforms is Reliance Industries' telecom and digital arm, running India's largest wireless carrier with about 50% of wireless broadband share and 60% of data traffic.
• The offering is a pure primary issue with no offer-for-sale, diluting only about 2.9% of equity thanks to Sebi rules letting firms valued above Rs 5 lakh crore float a smaller initial public stake.
• Up to Rs 27,500 crore of net proceeds will go toward prepaying debt at operating subsidiary Reliance Jio Infocomm, with the remainder for general corporate purposes.
• Jio Platforms posted a Rs 30,064 crore net profit on Rs 1.49 lakh crore revenue in FY26, with bankers reportedly eyeing a listing valuation above $100 billion.
• The listing would be Reliance's first since Reliance Petroleum's 2006 IPO, fulfilling a plan Mukesh Ambani flagged back in 2019, and would surpass Hyundai Motor India's $3.3 billion 2024 IPO as India's largest.
• A mega Jio listing would test global investor appetite for jumbo IPOs and reinforce India's equity markets as a venue for record-setting public debuts.