Jio Platforms gets Sebi nod for 37.7k cr IPO, set to be India’s biggest
MUMBAI: Jio Platforms, the digital arm of Mukesh Ambani’s Reliance Industries, has secured Sebi clearance for an initial public offering (IPO) expected to raise up to $4 billion, setting the stage for what could be India’s largest-ever stock market debut.In a stock exchange filing on Friday, RIL said Jio Platforms had received Sebi’s “observation letter” on its draft red herring prospectus.The letter marks the regulator’s final review of IPO documents and indicates it has no outstanding queries or objections.Companies must launch their offerings within 12 months of receiving the letter or seek fresh approval. The clearance allows Jio to move to the final stages of the listing process, including setting a price band, filing the final prospectus with the registrar of companies and announcing subscription dates.
At the targeted $4 billion raise, or more than Rs 37,700 crore, the offering would eclipse Hyundai Motor India’s $3.3 billion IPO in 2024, currently the country’s largest, and exceed the proposed Rs 30,000 crore float by NSE. Jio plans a pure primary issue with no offer-for-sale component. The company will issue 27 crore shares with a face value of Rs 10 each, resulting in equity dilution of 2.9%. As no existing shareholders are selling stock, the entire proceeds will accrue to the company.The dilution is only marginally above the minimum public float permitted under Sebi’s new listing rules. Companies valued at more than Rs 5 lakh crore after listing can float as little as 2.5% of equity initially and meet the mandatory 25% public shareholding requirement over a decade. Ambani first flagged plans to list Jio Platforms in 2019. While Reliance Industries spun off & listed Jio Financial Services in 2023, the transaction was executed through a demerger rather than an IPO. Jio Platforms’ debut would mark the conglomerate’s first public offering since Reliance Petroleum’s 2006 listing, before the business was folded back into Reliance Industries. Proceeds would be used to retire debt and fund general corporate purposes. Jio Platforms reported net debt of Rs 27,579 crore as of March 31, 2026.Reliance Industries owns 66.43% of Jio Platforms. The remaining 33.57% is held by global investors, including Meta Platforms (9.98%), Google International (7.73%), Saudi Arabia’s Public Investment Fund (2.31%), KKR (2.31%) and Vista Equity Partners (2.31%).
