Jio Platforms has received SEBI approval for its proposed initial public offering, with the digital services arm of Reliance Industries now cleared to proceed with what could be one of India's largest public offerings. According to The Financial Express, the company received the final observations from SEBI on August 28, 2026, marking a key step that allows the company to formally begin marketing the offer with management directly involved. The company had filed its Draft Red Herring Prospectus (DRHP) with SEBI on June 19, 2026, proposing a fresh issue of up to 27 crore equity shares. Bankers estimate the IPO could raise around $3.5-4 billion, or approximately ₹37,700 crore, which would make it potentially the largest public issue in India, dwarfing the proposed listing by the National Stock Exchange (NSE). The offer is structured entirely as a fresh issue with no offer-for-sale component, meaning the entire gross proceeds will accrue directly to Jio Platforms.
According to the latest DRHP, Jio Platforms will offer up to 27 crore fresh equity shares, representing approximately 2.9% of the company's total equity base post-issue. The issue will be structured with 50% reserved for qualified institutional buyers (QIBs), 35% for retail individual investors (RIIs), and 15% for non-institutional investors (NIIs). The approval paves the way for Jio Platforms to proceed with its much-anticipated public offering, which will be closely watched by investors and the broader market. Kotak Mahindra Capital Company, BofA Securities India, Morgan Stanley India Company, BNP Paribas, Axis Capital, Citigroup Global Markets India, DAM Capital Advisors, CLSA India, Goldman Sachs (India) Securities, ICICI Securities, HDFC Bank, HSBC Securities and Capital Markets, IIFL Capital Services, JM Financial, Jefferies India, JP Morgan India, UBS Securities India, SBI Capital Markets and 360 ONE WAM are the issue's book-running lead managers, with KFin Technologies serving as the registrar. Jio IPO price band and issue dates are yet to be announced. As per Goodreturns, the market is expecting that the Jio IPO could be launched around Diwali, though the company has not yet announced an official launch date.
The IPO represents a historic milestone as the first public offering by a major unit of billionaire Ambani's flagship conglomerate in nearly twenty years, making it a landmark event in India's capital markets history. According to The Financial Express, the proposed IPO will give Jio Platforms a separately traded valuation, providing the stock market with a direct reference point for RIL's telecom and digital businesses. The proposed issue is expected to value Jio Platforms at around $137 billion, according to reports citing people familiar with the matter, though the final valuation will depend on the issue price decided through the book-building process. RIL currently owns about 66.4% of Jio Platforms, while Meta and Google together hold about 17.7%. Meta invested ₹43,574 crore for a 9.99% stake in 2020, while Google invested ₹33,737 crore for a 7.73% holding. The offering had been in the spotlight after the government approved a change in listing requirements, now allowing large issuers to dilute as little as 2.5% of their equity.
Jio Platforms posted a strong Q1 FY27 with gross revenue rising 12% YoY to ₹45,961 crore and net profit climbing 9.2% YoY to ₹7,764 crore, due to strong subscriber growth and rising ARPU. According to Goodreturns, telecom subsidiary Reliance Jio Infocomm served 52.44 crore customers as of March 2026. Jio Platforms houses Reliance's telecom and digital businesses, with Reliance Jio Infocomm having more than 53.3 crore subscribers as of June-end, making it the world's second-largest mobile operator by subscriber count. The company's listed industry peers include Bharti Airtel Ltd and Vodafone Idea Ltd. Reliance Industries holds around a 66.43% stake in Jio Platforms, while global giants Meta and Google own a 17.71% stake out of the remaining 33.57%. In May 2026, Jio Platforms had appointed Akash Ambani as Managing Director of the company ahead of its IPO plans.
According to the DRHP, Jio Platforms operates in the digital connectivity and digital services industries, offering mobile and fixed digital connectivity, digital services across entertainment, cloud compute, cloud gaming, cloud PC and storage, smart home solutions, and AI-based products like AI assistants for consumers. For businesses, the company provides enterprise-grade broadband and leased line-based connectivity, digital services, end-to-end managed information and communication services, and AI-based products. The majority of operations are India-based, with RJIL serving over 524 million customers in India as of March 31, 2026. The company's listed industry peers include Bharti Airtel Ltd and Vodafone Idea Ltd. Reliance Industries Chairman Mukesh Ambani had announced the IPO plans during the company's 49th Annual General Meeting on June 19, 2026, with the Jio IPO plan having been previously discussed at the previous year's AGM but subsequently postponed due to geopolitical tensions and the US-Iran conflict.
