Jio Platforms wins Sebi nod for $4 billion IPO, India's largest

India's market regulator approved the IPO of Jio Platforms, clearing the way for a roughly $4 billion listing that would rank as the country's largest-ever public offering.

"The proposed listing of Jio will demonstrate to the world that India can build technology companies of global scale, global capability, and global value," Mukesh Ambani, chairman of parent Reliance Industries, said at the company's annual general meeting in June.

Sebi issued its observation letter on Aug 28, according to a stock exchange filing by Reliance Industries, which holds a 66.43 percent stake in Jio Platforms. The digital services arm plans a fresh issue of up to 270 million shares with a face value of Rs 10 each, representing about 2.9 percent of its equity after the offering. There is no offer-for-sale component, so all proceeds flow to the company. Jio Platforms intends to use up to Rs 27,500 crore ($3.3 billion) to prepay borrowings at telecom unit Reliance Jio Infocomm, with the remainder for general corporate purposes.

A listing at the targeted size would eclipse Hyundai Motor India's $3.3 billion IPO and the Life Insurance Corp. of India offering, cementing Jio Platforms as one of India's most valuable enterprises. Morgan Stanley and Citi Research value the company at about $133 billion, implying roughly 13 times estimated enterprise value to EBITDA for fiscal 2027. The shares are expected to list on the BSE and NSE within the next couple of months.

Jio Platforms reported revenue of Rs 1,46,885 crore and EBITDA of Rs 76,255 crore in fiscal 2026, with profit after tax crossing Rs 30,000 crore. In the quarter ended June, net profit rose 9.2 percent year on year to Rs 7,764 crore while revenue from operations climbed 11.8 percent to Rs 39,173 crore, supported by subscriber gains, higher average revenue per user, and growth in digital services. Sequential profit slipped 2.15 percent because of higher finance costs and depreciation as 5G network investments came online.

The company counted 524.4 million subscribers at the end of March, making it the world's largest mobile operator by single-country subscriber base after China Mobile, even as headcount fell 21 percent to 27,935 during the year ended March 31.

The approval arrives during a revival in India's primary market. More than two dozen IPOs have been launched or announced since July 1, nearly matching the 28 recorded in the first half of 2026. Global investors, including sovereign and pension funds, have shown strong demand in initial conversations, according to a person familiar with the matter.

Meta Platforms owns 9.98 percent of Jio Platforms through affiliate Jaadhu Holdings, while Google International holds 7.73 percent. KKR & Co. and Vista Equity Partners each hold 2.31 percent, followed by Silver Lake at 1.88 percent, Mubadala Investment Co. at 1.85 percent, General Atlantic at 1.34 percent, and the Abu Dhabi Investment Authority at 1.16 percent.

The IPO includes a reservation for eligible Reliance Industries shareholders, though the record date and share count under that category have not yet been disclosed. Kotak Mahindra Capital, Morgan Stanley India, BofA Securities India, Axis Capital, BNP Paribas, Citigroup Global Markets India, and Goldman Sachs (India) Securities are managing the offering.

The listing would mark a milestone for Reliance's digital ambitions, which Mukesh Ambani first flagged in 2019 when he said the group would take both Jio and Reliance Retail public within five years. A successful debut at the targeted valuation would set a benchmark for Indian capital markets and could draw fresh foreign inflows into the country's telecom and digital services sector.

This article is for informational purposes only and does not constitute investment advice.