Jio Platforms Ltd, the digital services arm of billionaire Mukesh Ambani’s Reliance Industries Ltd, has received approval from markets regulator Sebi to proceed with an initial public offering that could raise about $3.8 billion.
The company plans to issue up to 27 crore fresh equity shares, equivalent to about 2.9 per cent of its post-issue equity base, according to its draft prospectus.
The remainder is earmarked for general corporate purposes. The public offering comes as India’s primary market has remained active, with strong participation from retail investors and domestic institutions. The Securities and Exchange Board of India (Sebi) issued its final observations on August 28, according to an update on the regulator’s website. The company plans to issue up to 27 crore fresh equity shares, equivalent to about 2.9 per cent of its post-issue equity base, according to its draft prospectus. The offering could value Jio Platforms at about $137 billion, people familiar with the matter said. The proceeds will be used primarily to repay or prepay, in whole or in part, about Rs 27,500 crore of outstanding borrowings of Reliance Jio Infocomm Ltd, Jio Platforms’ material subsidiary, according to the draft prospectus. More than two dozen IPOs have been announced or launched since July 1, nearly matching the 28 recorded in the first half of 2026. In 2020, Meta invested Rs 43,574 crore for a 9.99 per cent stake, while Google invested Rs 33,737 crore for a 7.73 per cent holding. Other investors, including Silver Lake, Vista Equity Partners, General Atlantic, KKR, Mubadala, Abu Dhabi Investment Authority, TPG, L Catterton, the Public Investment Fund, Intel Capital and Qualcomm Ventures collectively invested about Rs 74,745 crore for roughly a 15.2 per cent stake. Reliance Industries owns about 66.4 per cent of Jio Platforms, and Meta and Google together hold about 17.7 per cent, according to the draft prospectus.
