Jio Platforms secures SEBI nod for $3.8 billion IPO, set to be India’s biggest listing
CE DESK 
Jio Platforms Ltd, the digital services arm of Reliance Industries Ltd (RIL), has received approval from India’s markets regulator SEBI for its proposed $3.8 billion (around ₹37,700 crore) initial public offering, paving the way for what could become the country’s largest-ever stock market listing. SEBI issued its final observation letter on the company’s Draft Red Herring Prospectus (DRHP) on August 28, 2026, a key regulatory milestone that allows Jio Platforms to move towards the next stages of the IPO process.
The IPO is structured as a fresh issue of up to 27 crore equity shares with a face value of ₹10 each, representing roughly 2.9% of Jio Platforms’ post-issue equity. There is no offer-for-sale component, meaning all proceeds will go to the company rather than existing shareholders. According to the DRHP, around ₹27,500 crore (about $3.3 billion) of the proceeds are earmarked for repaying debt at its telecom unit, Reliance Jio Infocomm, while the balance will be used for general corporate purposes.
“Jio Platforms Limited (JPL), subsidiary of the company, has today, i.e., August 28, 2026, received the observation letter on the Draft Red Herring Prospectus (DRHP) filed for its proposed Initial Public Offer from the Securities and Exchange Board of India.”
— Reliance Industries Limited (RIL) regulatory filing
The approval comes nearly two months after Jio Platforms filed its DRHP in June 2026, and positions the company to begin formal IPO marketing, file final offer documents, determine the price band via book-building and announce the issue timetable. While the final issue size, price and dates have not yet been disclosed, reports suggest the listing could value Jio Platforms at nearly $100 billion, surpassing the previous record set by Hyundai Motor India’s $2.95 billion IPO in 2024.
The move is seen as a strategic step for the Ambani group as it looks to de-lever the telecom business, fund ongoing network and digital investments, and unlock value in its fast-growing digital ecosystem spanning telecom, media, enterprise services and emerging tech.
