Jio Platforms Gets SEBI Approval for Record $3.8 Billion IPO

Jio Platforms Ltd, the digital services arm of Reliance Industries, has received regulatory approval from the Securities and Exchange Board of India (SEBI) to proceed with an initial public offering (IPO) that could become the largest in the country's history. The market regulator issued its final observations on the company's draft prospectus on August 28, 2026, clearing a major hurdle for the proposed listing.

The IPO is expected to raise approximately Rs 37,700 crore (about $3.8 billion) and could value the company at around $137 billion, according to people familiar with the matter. Jio Platforms plans to issue up to 27 crore fresh equity shares, representing about 2.9% of its post-issue equity base. If completed at this size, the offering would surpass Hyundai Motor India's 2024 IPO to become India's largest ever. It would also be significantly larger than the proposed National Stock Exchange listing, which is estimated to raise around Rs 30,000 crore.

In a regulatory filing, Reliance Industries stated that its subsidiary received SEBI's observation letter for the proposed public offering. The date and price band for the issue have not yet been announced. A large portion of...