Reliance Industries’ digital subsidiary Jio Platforms has received regulatory approval for an initial public offering that could raise $3.8 billion, potentially surpassing India’s previous record for the biggest IPO.
India is on course for its biggest stock-market listing after Jio Platforms received regulatory approval to press ahead with an initial public offering that could raise about $3.8 billion. According to disclosures and multiple Indian media reports, the Securities and Exchange Board of India gave its final observations on August 28, clearing the way for the digital-services unit of Reliance Industries to move towards a debut.
The offering is expected to involve a fresh issue of up to 27 crore shares, equal to about 2.9% of the company’s post-issue equity base. The draft prospectus indicates that most of the money would be used to repay or prepay borrowings at Reliance Jio Infocomm, the group’s telecom subsidiary, with the balance reserved for general corporate purposes. At the indicated size of roughly ₹37,700 crore, the deal would surpass Hyundai Motor India’s 2024 listing and set a new record for India’s primary market.
Jio Platforms sits at the centre of Reliance’s digital push. The company’s telecom arm is the country’s largest mobile operator by scale, with more than 506 million mobile customers and a leading position in fixed-line connections, while its 5G standalone network is described as the largest outside China. The company also says its network carries close to 60% of India’s wireless data traffic, and it has expanded beyond telecom into cloud services, artificial intelligence and enterprise networking.
The offering would also crystallise the value of a shareholder base that includes some of the world’s biggest technology investors. Meta and Google bought into Jio Platforms in 2020, and other backers include Silver Lake, Vista Equity Partners, General Atlantic, KKR, Mubadala, the Abu Dhabi Investment Authority, TPG, L Catterton, the Public Investment Fund, Intel Capital and Qualcomm Ventures. Reliance remains the majority owner, and the IPO would be the conglomerate’s first public offer since 2008 and its first for a consumer-facing business.
Jio Platforms has also been growing into a larger financial engine. The company reported a 15% rise in profit after tax to ₹30,053 crore and a 14.5% increase in revenue to ₹1,46,885 crore for FY26, according to the figures cited in its prospectus. Reliance has separately won shareholder approval for a series of large internal transactions involving its digital and telecom businesses over the next five fiscal years, underscoring how central Jio has become to the group’s wider restructuring and capital allocation plans.
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