Jio Platforms Eyes Festive-Season IPO
Reliance Industries’ digital and telecom arm Jio Platforms is reportedly preparing to launch its much-awaited initial public offering (IPO) around the Navratri-Diwali festive periodpotentially making it the largest public issue in India’s history.
The IPO could raise around ₹37,800 crore, or nearly $4 billionaccording to estimates from bankers tracking the issue.
IPO Could Launch in October or November
Jio Platforms is expected to target the last week of Octobercoinciding with Navratri. If that timeline does not work out, the company could shift the launch to early November or time the offering around Diwali.
The company is expected to finalise the exact dates soon, followed by investor roadshows. Reports indicate that Jio plans to conduct international roadshows before turning its attention to domestic investors.
SEBI Approval Already Granted
Jio Platforms filed its draft red herring prospectus in June and received approval from the Securities and Exchange Board of India (SEBI) on August 28.
The proposed issue could overtake the planned ₹31,000-crore IPO of the National Stock Exchangemaking it India’s largest public offering if the estimated size is maintained.
The current record is held by Hyundai Motor India, which raised around ₹27,000 crore in its 2024 listing.
Fresh Shares, No Offer for Sale
According to the draft prospectus, Jio Platforms plans to issue up to 270 million fresh equity sharesrepresenting approximately 2.9% of its post-IPO equity base.
Importantly, the issue does not include an offer-for-sale component, meaning existing investors are not planning to sell their shares through the proposed IPO.
The listing would also mark Reliance Industries’ first IPO in nearly two decades, following the listing of Reliance Petroleum in 2006.
₹27,500 Crore Could Go Towards Debt
A significant portion of the IPO proceeds could be used to reduce debt at Reliance Jio InfocommJio Platforms’ operating subsidiary.
The prospectus allows for up to ₹27,500 crore to be used for prepayment of debt. The remaining funds would be directed towards general corporate purposes.
Global Investors Already Hold Major Stakes
Jio Platforms has attracted several major global investors, who collectively hold around 30.9% of the company. Meta Platforms affiliate Jaadhu Holdings owns about 9.98%, while Google International holds around 7.73%.
Other investors include Saudi Arabia’s Public Investment Fund, Silver Lake, Vista Equity, General Atlantic, KKR-linked entities and Abu Dhabi Investment Authority investment arms.
A Landmark Listing for Reliance
The Jio Platforms IPO could become a major milestone for Reliance Industries and India’s capital markets. A successful listing would give public-market investors direct exposure to one of India’s largest digital and telecom businesses while potentially setting a new benchmark for IPO fundraising.
Summary: Reliance Jio Platforms is reportedly targeting the Navratri-Diwali period for a nearly $4 billion IPOpotentially raising around ₹37,800 crore. SEBI has already approved the share sale. The issue could become India’s largest IPO, with up to ₹27,500 crore of proceeds potentially used to repay debt at Reliance Jio Infocomm.