India’s biggest IPO is coming? Jio gets SEBI nod for Rs 37,700 crore issue

Jio Platforms has received the Securities and Exchange Board of India’s (SEBI) observation letter for its proposed initial public offering (IPO), clearing a key step for what could become India’s largest-ever public issue.

The IPO is expected to be launched by the end of 2026, although the company has not yet announced the issue dates or price band, Mint reported.

₹37,700 crore IPO in the works

The proposed Jio Platforms IPO is expected to raise around ₹37,000-₹37,700 crore. If completed at that size, it would overtake Hyundai Motor India’s ₹27,870 crore issue in October 2024 as the country’s biggest IPO.

It would also be larger than the proposed ₹30,000 crore IPO of the National Stock Exchange of India (NSE), per the Mint report.

Reliance Industries had announced at its Annual General Meeting on June 19 that Jio Platforms’ board had approved its draft red herring prospectus (DRHP). The company filed the document with SEBI the same day.

Reliance Industries informed the stock exchanges on Friday that Jio Platforms had received SEBI’s observation letter.

"Jio Platforms Limited (JPL), a subsidiary of the company, has… received the observation letter on the draft red herring prospectus filed for its proposed initial public offer from the Securities and Exchange Board of India," Reliance Industries Ltd said.

Fresh issue, no OFS

According to the DRHP, the IPO will consist entirely of a fresh issue of 27 crore shares. There will be no offer-for-sale (OFS) component.

Jio Platforms plans to use the proceeds to repay certain outstanding borrowings taken by its material subsidiary, Reliance Jio Infocomm Ltd (RJIL), along with general corporate purposes.

The price band and final issue dates are yet to be announced.

Jio’s financial performance

KFin Technologies will act as the registrar for the issue, while a large group of domestic and international financial institutions has been appointed as book-running lead managers.

Morgan Stanley and Citi Research have valued Jio Platforms at about $133 billion, putting its estimated enterprise value-to-EBITDA multiple for FY27 at around 13 times.

Jio Platforms reported a 9.2% year-on-year rise in net profit to ₹7,764 crore in Q1FY27. Revenue from operations increased 11.8% to ₹39,173 crore.

Reliance Industries currently owns 66.43% of Jio Platforms. Meta Platforms holds 9.98% through Jaadhu Holdings LLC, while Google International LLC owns 7.73%.