Jio Platforms gets SEBI nod for $3.8 billion IPO, could be India’s biggest listing

India’s markets regulator on Friday approved Reliance Industries-owned Jio Platforms’ proposed $3.8 billion initial public offering, clearing a key hurdle for what could become the country’s biggest stock-market listing.

The Securities and Exchange Board of India (SEBI) approval brings Reliance Industries’ digital and telecoms arm closer to its much-awaited public debut. The proposed issue is expected to raise about $3.8 billion.

Jio Platforms had filed its draft red herring prospectus with SEBI in June, setting the stage for one of the most closely watched offerings in India’s primary market.

What Jio plans to do with IPO money

A large portion of the proceeds will be used to reduce debt at Reliance Jio Infocomm, Jio Platforms’ telecom subsidiary.

The company plans to use about $3.3 billion of the IPO proceeds to repay borrowings of Reliance Jio Infocomm. The remaining funds will be used for general corporate purposes.

The proposed IPO consists entirely of a fresh issue of up to 270 million shares, with no offer-for-sale component. This means the money raised will go to the company rather than existing shareholders selling their holdings.

Jio’s massive subscriber base

The IPO comes as Jio continues to dominate India’s telecom market.

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Reliance Jio Infocomm had 524.4 million subscribers as of March 31, 2026, making it the world’s largest mobile operator by subscriber base in a single country, after China Mobile.

Jio has expanded beyond mobile connectivity into fixed broadband, digital entertainment, payments, cloud services and other technology offerings. Its growing presence in artificial intelligence and digital services has also broadened the scope of Jio Platforms beyond its traditional telecom business.

Despite continued growth in revenue and subscribers, the company reduced its workforce during the year ended March 31. Its headcount fell by about 21 per cent to 27,935 employees.

IPO market gains momentum

Jio’s planned listing comes as India’s primary market shows signs of renewed strength after a relatively subdued start to the year.

More than two dozen IPOs have been launched or announced since July 1, according to Reuters data, almost matching the 28 IPOs seen during the first six months of 2026.

Strong demand from retail and wealthy individual investors has encouraged companies to return to the market, while large offerings have renewed interest among institutional investors.

Jio’s IPO is expected to add further momentum to that revival and could set a new benchmark for the size of a listing in India.

The offering also gives public-market investors a chance to participate directly in one of Reliance Industries’ most valuable businesses.

Reliance Industries remains the largest shareholder in Jio Platforms, while global investors including Meta and Google are among its other major backers.

The final issue price, price band and listing timeline are expected to be announced later.

(Disclosure: Firstpost is a part of the Network18 Group. Network18 is controlled by Independent Media Trust, of which Reliance Industries is the sole beneficiary.)