The proposed public issue could become India’s largest IPO, putting Reliance Industries’ digital business closer to a separate stock-market listing.
Jio Platforms has received the Securities and Exchange Board of India (SEBI )’s final observations on its proposed initial public offering (IPO), clearing a major regulatory hurdle for the much-anticipated listing. The company submitted its draft offer documents in June, and SEBI issued its observations on August 28, 2026.
The proposed Jio Platforms IPO is expected to raise more than ₹37,000 crore. At that size, it would comfortably exceed Hyundai Motor India’s ₹27,870 crore issue in 2024 and potentially become the largest public issue in India. The final issue size and valuation, however, will depend on the offer structure and pricing decided closer to the launch.
Fresh shares to form the core of the issue.
The IPO is planned as a fresh issue of shares, with Jio Platforms proposing to issue up to 27 crore new equity shares. Existing shareholders are not currently expected to make an offer for sale as part of the proposed transaction.
A substantial portion of the proceeds is intended to be used towards reducing debt at Reliance JioInfocomm. According to regulatory filings reported by Reuters, around ₹27,500 crore of the proceeds is earmarked for debt repayment. The proposed issue is expected to give public-market investors a direct route to participate in Jio Platforms, rather than gaining exposure to its operations indirectly through Reliance Industries.
Jio IPO adds weight to India’s primary market.
The proposed listing comes at a busy period for India’s IPO market, with several large companies preparing to tap public investors. Jio Platforms’ scale, however, makes its offering particularly significant for the Indian stock market.
The company has expanded beyond traditional telecom services into areas including digital platforms, cloud services and artificial intelligence. It also remains one of the world’s largest mobile operators, with more than 533 million subscribers, according to Reuters. SEBI approval does not mean the IPO will open immediately. Jio Platforms still needs to announce details such as the price band, subscription dates and listing schedule.
For investors, these details will be crucial in assessing the company’s proposed valuation and the terms of the offering. The eventual Jio Platforms listing could therefore become a major event for India’s equity markets, but its final market impact will depend on pricing, investor demand and the company’s financial performance after listing.
