Jio Platforms Gets SEBI Nod for $3.8 Billion IPO, Could Become India’s Biggest Listing

India’s market regulator has approved Jio Platforms’ $3.8 billion initial public offering (IPO), clearing the way for what could become the country’s largest-ever stock market listing. The proposed offering by the digital and telecommunications arm of Reliance Industries would surpass Hyundai Motor India’s $2.95 billion debut in 2024 if completed at the planned scale.

The approval comes as activity in India’s IPO market remains strong, with companies increasingly turning to public markets to raise capital and give investors an opportunity to participate in their growth. Jio Platforms, controlled by billionaire Mukesh Ambani, has grown into one of the country’s most prominent technology and telecommunications businesses.

The company had more than 533 million subscribers as of June 2026, making it the world’s second-largest mobile operator. Beyond telecommunications, Jio has expanded into areas including artificial intelligence, cloud computing and enterprise network services, strengthening its position as a broader digital technology company.

Under the proposed IPO, Jio Platforms plans to issue around 270 million shares. The offering is expected to provide investors with greater visibility into the company’s financial performance and allow the market to assess Jio’s value separately from its parent, Reliance Industries.

Reliance Industries currently holds a 66.4% stake in Jio Platforms, while Meta owns 9.9% and Google holds 7.7%, according to the report. The IPO is also expected to support the financial restructuring of the telecommunications business. Proceeds will be used to help repay approximately ₹275 billion in debt held by Reliance Jio Infocomm.

The planned listing comes during a period of increased investor interest in Indian equities and public offerings. More than two dozen IPOs have been launched since July, highlighting strong activity in the domestic capital markets.

Jio’s expansion has continued despite changes within its workforce. The company employed 27,935 people at the end of the financial year on March 31, with its employee count declining from the previous year. At the same time, the business continued to record growth in revenue and subscriber numbers..