Jio Platforms had filed its draft papers with the market regulator in June for the proposed public issue.
According to the DRHP, Jio Platforms will offer up to 27 crore fresh equity shares. | Image: Shutterstock
Jio Platforms Ltd, the digital services division of Reliance Industries, has received SEBI approval on Friday, August 28, to float an initial public offering that could raise around $4 billion (approximately ₹37,700 crore), making it potentially the largest public issue in the country.
Jio Platforms had filed its draft papers with the market regulator in June for the proposed public issue.
According to an update with the market regulator, Jio Platforms obtained SEBI's final observations on August 28.
The Securities and Exchange Board of India’s (SEBI) observation is a key step in the initial public offering (IPO) process, after which a company can proceed with further preparations for the public issue, subject to applicable regulatory requirements.
According to the Draft Red Herring Prospectus (DRHP), the company will offer up to 27 crore fresh equity shares. The issue will account for around 2.9% of the company's total equity base post-issue.
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.
Jio Platforms IPO: 10 key points to know from DRHP
Jio Platforms IPO offer structure: The initial public offering is a fresh issuance of 27 crore shares. There is no offer for sale component.
Objectives: The money raised will be used for prepayment of certain outstanding borrowings availed by material subsidiary RJIL and general corporate purposes. "We expect to achieve the benefits of listing of the equity shares on the stock exchanges and creation of a public market for the equity shares," Jio Platforms said in its DRHP.
Financials: The company reported a 15.14% increase in profit after tax to ₹30,064.30 crore in the financial year 2026 from ₹26,110.20 crore a year back. Its revenue from operations climbed 14.55% to ₹1,46,885.3 crore in FY26 as against ₹1,28,218.4 crore in FY25.
Business overview: For consumers, the firm offers mobile and fixed digital connectivity, digital services (across entertainment, cloud compute, cloud gaming, cloud PC and storage and smart home solutions) and access to AI-based products like AI assistants. For businesses, Jio offers enterprise-grade broadband and leased line-based connectivity, digital services, end-to-end managed information and communication services and AI-based products.
Industries served and typical customers: Jio Platforms operates in the digital connectivity and digital services industries. Its material arm, RJIL, served over 524 million customers in India as of March 31, 2026.
Key geographies served: The majority of the operations are India-based.
Peers: The company's listed industry peers include Bharti Airtel Ltd and Vodafone Idea Ltd.
Reservation: Half of the net offer will be set aside for qualified institutional buyers (QIBs), 35% for retail individual investors (RIIs) and 15% for non-institutional investors (NIIs).
Book-running lead managers: 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.
Registrar: KFin Technologies is the registrar for the issue.
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.
With PTI inputs
Disclaimer: This article is written purely for informational purposes and should not be considered investment advice from Upstox. Securities mentioned are illustrative and not recommendations. Please consult a financial advisor before making any investment decisions.
Ahana Chatterjee is a business journalist with 7 years of experience across several leading news platforms. At Upstox, she covers stock markets and corporate news.
