Jio Platforms Gets SEBI Nod for India’s Biggest IPO

Jio Platforms Ltd, the digital services arm of Reliance Industries, has received approval from market regulator SEBI for its proposed initial public offering. The company had submitted its draft papers to SEBI in June. The proposed IPO is expected to raise around $3.8 billion, equivalent to nearly Rs 37,700 crore, making it potentially the biggest public issue in India.

According to the draft prospectus, Jio Platforms plans to issue up to 270 million fresh equity shares, representing around 2.9% of its post-issue equity base. The company’s valuation is estimated at around $137 billion. IPO proceeds are expected to be used for general corporate purposes and partly or fully for certain dues related to Reliance Jio Infocomm. With strong expectations of retail investor interest and continued growth in India’s telecom and 5G markets, the Jio IPO is likely to remain a major focus for investors.