Jio Platforms has received SEBI’s observations for its proposed IPO, taking it a step closer to its public issue
The IPO could be among India’s largest public issues and help unlock the value of RIL’s digital and telecom businesses through a separate listing
The public issue will comprise a fresh issue of up to 27 Cr equity shares, with no OFS component
Reliance Industries Ltd’s (RIL) digital and telecom services arm Jio Platforms has received SEBI’s approval for its proposed initial public offering (IPO), moving closer to its stock market debut.
According to an update on the markets regulator’s website, SEBI issued its observations on Jio Platforms’ IPO papers during the week ended August 28. In SEBI’s parlance, issuance of observations allows a company to proceed with its public issue.
Jio Platforms filed its DRHP with SEBI on June 19. The proposed IPO will comprise a fresh issue of up to 27 Cr equity shares with a face value of ₹10 each. The issue will not include an offer for sale (OFS) component by existing shareholders.
The company is reportedly looking to raise around $3.8 Bn through the public issue.
According to the DRHP, Jio Platforms plans to use the net proceeds to repay or prepay certain borrowings of its material subsidiary Reliance Jio Infocomm. The remaining proceeds will be used for general corporate purposes.
The general corporate purposes may include strategic initiatives, organic and inorganic growth opportunities, payment of deferred liabilities, marketing and capital expenditure.
Jio Platforms houses RIL’s digital businesses, including telecom operator Reliance Jio Infocomm, and offers connectivity and digital services to consumers and enterprises.
RIL is the largest shareholder in Jio Platforms, with a 66.43% stake. Meta holds a 9.98% stakewhile Google owns 7.73%. Other shareholders include KKR, Silver Lake, Vista Equity Partners, General Atlantic, Mubadala and Saudi Arabia’s Public Investment Fund.
Jio Platforms’ IPO journey began after RIL chairman Mukesh Ambani announced at the company’s 49th annual general meeting that the Jio Platforms board had approved its DRHP. Ambani described the proposed listing as an “emotional moment” and said it reflected RIL’s commitment to creating value for shareholders.
The IPO has been closely watched since Ambani first announced plans to list Jio Platforms at RIL’s 2025 AGM, with the company initially targeting a listing in the first half of 2026.
Since entering India’s telecom market in 2016, Jio has grown into the country’s largest telecom operator and one of its most valuable digital platforms.
On the financial front, Jio Platforms reported a consolidated profit of ₹7,764 Cr in Q1 FY27, up 9.2% YoY. However, profit declined 2.2% QoQ from ₹7,935 Cr in the previous quarter. Operating revenue rose 11.8% YoY and 2.4% QoQ to ₹39,173 Cr, while gross revenue increased 12% YoY to ₹45,961 Cr. The company had 524.4 Mn subscribers as of March 2026.