Sebi cleared the Jio IPO
The issue is sized at about Rs 37,700 crore, which would be India's largest.
Markets regulator Sebi has cleared Jio Platforms to go ahead with its initial public offering. The regulator issued final observations on 28 August. Jio had filed its draft papers in June.
The digital services arm of Mukesh Ambani's Reliance Industries plans to issue up to 27 crore fresh equity shares. That is about 2.9 percent of the post-issue equity base.
The issue is sized at about Rs 37,700 crore, or $3.8 billion. People familiar with the matter said the offering could value the company at about $137 billion.
At that size it would pass Hyundai Motor India's $3.3 billion listing in 2024. That listing is now India's largest IPO. A proposed National Stock Exchange issue of about Rs 30,000 crore would also be smaller.
Most of the money is earmarked to repay or prepay about Rs 27,500 crore of borrowings at Reliance Jio Infocomm, Jio Platforms' main subsidiary. The rest is for general corporate purposes.
This would be the first public offering from the Reliance group since 2008. It would also be the first IPO of a consumer-facing business inside the conglomerate.
Jio Platforms houses Reliance's digital businesses, including telecom. Reliance Jio Infocomm had more than 53.3 crore subscribers at the end of June. Company data put it as the world's second-largest mobile operator after China Mobile.
The business has also moved into cloud, artificial intelligence, and enterprise network services.
Global investors are already on the cap table. In 2020 Meta put in Rs 43,574 crore for a 9.99 percent stake. Google put in Rs 33,737 crore for 7.73 percent. Other funds, including Silver Lake, KKR, Mubadala, and the Public Investment Fund, invested about Rs 74,745 crore for roughly 15.2 percent.
Reliance Industries still owns about 66.4 percent. Meta and Google together hold about 17.7 percent.
Mukesh Ambani chairs Jio Platforms. His eldest son Akash is managing director. Akash also chairs Reliance Jio Infocomm.
India's primary market has stayed busy. More than two dozen IPOs have been announced or launched since 1 July. That nearly matches the 28 recorded in the first half of 2026.
Sebi's nod lets Jio pick its window. The company still has to price the issue and open it to investors.