Jio Platforms has received approval from the Securities and Exchange Board of India for its proposed initial public offering (IPO), which is expected to raise about INR 37,700 crore. This would make it India’s largest IPO, surpassing Hyundai Motor India’s 2024 issue.
The company, promoted by Reliance Industries, has proposed a fresh issue of up to 27 crore equity shares with a face value of INR 10 each.
IPO details are still being finalized. The draft prospectus does not provide a price band, issue price, or final issue size, which will be determined closer to the offering.
There is no offer for sale component, meaning existing shareholders will not sell shares as part of the issue. According to the draft prospectus filed with SEBI, the net proceeds will primarily be used to prepay, fully or partly, certain outstanding borrowings of Reliance Jio Infocomm, Jio Platforms’ material subsidiary.
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Reliance Industries held 66.43% of Jio Platforms before the issue. Other major shareholders include Jaadhu Holdings, an affiliate of Meta Platforms, with 9.98%, and Google International with 7.73%.
The shareholder base also includes sovereign wealth funds and global investment firms such as Saudi Arabia’s Public Investment Fund, KKR, Vista Equity Partners, Silver Lake, Mubadala, and General Atlantic.
Jio Platforms’ financial performance has strengthened over the past three fiscal years. Its revenue from operations rose to INR 1.47 lakh crore in fiscal 2026 from INR 1.28 lakh crore in fiscal 2025 and INR 1.10 lakh crore in fiscal 2024.
EBITDA increased to INR 76,255.4 crore in fiscal 2026, while profit after tax rose to INR 30,049.1 crore from INR 26,109 crore a year earlier.
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The company’s operating metrics also expanded. Its total customer base stood at 524.4 million as of March 31, 2026, compared with 488.2 million a year earlier. Average revenue per user for the exit quarter increased to INR 214 per month from INR 206.20.
Data traffic reached 241.4 billion GB during fiscal 2026. The proposed listing comes with significant scale as well as risks. Jio Platforms’ disclosures identify licence and spectrum renewals, network reliability, technological obsolescence, cybersecurity and data privacy, regulatory compliance, customer churn, and dependence on infrastructure providers among its key risks.
The company and its subsidiaries had total borrowings of INR 71,529.2 crore as of March 31, 2026. The equity shares are proposed to be listed on both the BSE and the National Stock Exchange. The draft documents name a large consortium of book-running lead managers, including Kotak Mahindra Capital, Morgan Stanley, BofA Securities, Goldman Sachs, J.P. Morgan, SBI Capital Markets, and UBS.
The SEBI approval now allows Jio Platforms to move towards the next stages of the IPO process. The final issue price, bidding dates, and other terms will be disclosed in subsequent offer documents. The listing is also expected to create a public market for its equity shares.
