Sebi Clears Jio Platforms' ₹35,000 Crore IPO, Setting Up India's Largest Listing

India's markets regulator has approved the initial public offering of Jio Platforms Ltd, clearing the way for what could become the country's largest stock listing. The Securities and Exchange Board of India (Sebi) issued its observation letter on the company's draft prospectus on Friday, August 28, 2026, and Reliance Industries Ltd informed the stock exchanges the same day that its subsidiary Jio Platforms Limited had received the observation letter on the draft red herring prospectus filed for its proposed initial public offer.

Marketing can begin

The approval moves the offering from filing to execution. The company can now formally begin marketing the offer, with management directly getting involved, a person aware of the developments told Mint, adding that initial conversations have indicated strong demand from global investors, including sovereign and pension funds. Jio Platforms plans to list on the stock exchanges within the next couple of months, the person added. A spokesperson for the company did not immediately respond to Mint's queries.

Size, structure and the record book

Jio Platforms, the digital services arm of Reliance Industries Ltd, plans to raise ₹35,000 crore (around $4 billion) through the IPO, structured entirely as a fresh issue of shares: the company plans to issue 270 million equity shares with a face value of ₹10 each, and there will be no offer-for-sale component, meaning the entire gross proceeds accrue directly to Jio Platforms. At the targeted fundraise the offering would surpass India's previous IPO records, including those set by Hyundai Motor India Ltd and Life Insurance Corp. of India (LIC), as well as the proposed ₹30,000 crore IPO of the National Stock Exchange of India Ltd.

Analysts at Morgan Stanley and Citi Research have valued Jio Platforms at around $133 billion, implying a multiple of about 13 times its estimated enterprise value to Ebitda for fiscal year 2027.

Who owns the company going public

Reliance Industries holds 66.43% of Jio Platforms.
Meta Platforms Inc. owns 9.98% through its affiliate Jaadhu Holdings LLC; Google International LLC holds 7.73%.
KKR & Co. and Vista Equity Partners Management LLC each own 2.31% through affiliate funds.
Silver Lake holds 1.88%, Mubadala Investment Co. 1.85%, General Atlantic 1.34% and Abu Dhabi Investment Authority 1.16%.

Use of proceeds and the operating trend

Rising market bars of the Indian IPO pipeline headed by the Jio Platforms offering

Jio Platforms plans to use up to ₹27,500 crore of the IPO proceeds to prepay certain borrowings of its material subsidiary, Reliance Jio Infocomm Ltd (RJIL); the remaining proceeds will be used for general corporate purposes. The company, led by Akash Ambani, filed its draft red herring prospectus on June 19, with Kotak Mahindra Capital Co., Morgan Stanley India Co., BofA Securities India Ltd, Axis Capital Ltd, BNP Paribas, Citigroup Global Markets India Pvt. Ltd and Goldman Sachs (India) Securities among the book-running lead managers.

Operationally, the quarter behind the approval was solid but not accelerating: Jio Platforms reported a 9.2% rise in net profit to ₹7,764 crore for the quarter ended June (Q1FY27), from ₹7,110 crore a year earlier, while revenue from operations rose 11.8% to ₹39,173 crore from ₹35,032 crore. Growth was driven by continued gains in subscriber market share, higher average revenue per user and increased sales of digital services; profit, however, declined 2.15% sequentially as finance costs and depreciation expenses rose with 5G network assets becoming operational.