India’s Jio Platforms, part of billionaire Mukesh Ambani’s Reliance Industries, received approval for a $3.8 billion initial public offering on Friday, paving the way for what could be the country’s biggest listing.
The nod from India’s market regulator comes as the country’s IPO market sees a revival, with several offerings drawing strong demand from retail investors and high net worth individuals in recent weeks. In less than two months since July 1, more than two dozen IPOs have been announced or launched, nearly matching the 28 recorded in the first half of 2026.
Reliance Jio is the world’s largest mobile operator after China Mobile, with over 533 million subscribers as of the end. In recent years, the company has diversified into AI, cloud and enterprise network services.
If Jio raises $3.8 billion in its IPO, it would surpass Hyundai Motor India’s $2.95 billion listing in 2024, becoming the largest in India’s history.
The company plans to issue a total of 270 million shares in the IPO. Reliance Industries holds about 66.4% of Jio Platforms, while Meta and Google own roughly 9.9% and 7.7%, respectively, according to the prospectus.
The listing would provide investors a clearer way to value Jio independently of parent Reliance Industries, sharpening focus on the telecom operator’s performance, Kranthi Bathini, director of equity strategy at WealthMills Securities, said.
“I believe this is the right time for Jio to come into the primary market and get listed on stock exchanges,” Bathini said, citing heightened primary market activity and strong liquidity from retail investors and domestic institutions.
Jio had filed its draft papers with the Securities and Exchange Board of India in June for the public issue.
The Akash Ambani-led firm plans to use the IPO proceeds to repay about 275 billion rupees ($3.3 billion) of Reliance Jio Infocomm’s debt.
The firm reported a roughly 21% decline in headcount to 27,935 employees in the year ended March 31, even as revenue and subscriber numbers continued to grow.
Reuters
