Jio Platforms received SEBI’s clearance for its Rs 37,700 crore IPO, moving Reliance closer to India’s largest listing.

The regulator’s observation letter came through on August 28. It clears the path for an issue worth up to $3.8 billion, which would make this the largest IPO in Indian history.

For context, the current record belongs to Hyundai Motor India, which raised Rs 27,870 crore in 2024, ahead of LIC’s Rs 20,557 crore listing in 2022.

The structure is simple. Jio Platforms will sell 27 crore fresh shares, and there’s no portion where existing investors cash out. Every rupee raised stays with the company.

About Rs 27,500 crore of it is set aside to pay down debt at Reliance Jio Infocomm, the group’s telecom subsidiary, and the remainder goes toward general corporate purposes. Reliance Industries currently owns 66.43% of Jio Platforms.

Meta holds close to 9.98% through its affiliate Jaadhu Holdings, an investment worth Rs 43,574 crore made in 2020, while Google owns 7.73% after putting in Rs 33,737 crore the same year.

Valuation estimates are still all over the place. Some reports suggest Jio Platforms could be worth around $137 billion.

Nothing gets finalised until the book building process sets an actual price. The underlying business gives some sense of scale.

Jio had more than 53.3 crore mobile subscribers as of June, second only to one other operator worldwide, and has been pushing into cloud, AI and enterprise networking.

For the June quarter, net profit rose 9.2% year-on-year to Rs 7,764 crore, while revenue climbed 11.8% to Rs 39,173 crore.

It has been 18 years since Reliance last took a company public. The price band and listing dates for this one are still to come.

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