Jio Platforms IPO: India’s Largest at ₹37,000 Crore Gets SEBI Nod

Jio Platforms has received final observations from the Securities and Exchange Board of India (SEBI) for its upcoming Initial Public Offering (IPO). This move brings the Reliance Industries-backed digital and telecom company closer to a market debut expected to be India’s largest, valued at over ₹37,000 crore.

• SEBI provided its observations on August 28.
• Jio Platforms submitted draft offer documents in June.
• The IPO is set to surpass Hyundai Motor India’s ₹27,870 crore IPO.

IPO Structure and Funds Use

The company plans to issue up to 27 crore new equity shares, representing about 2.9% of its post-issue equity. There is no offer-for-sale component, meaning existing shareholders are not divesting stakes.

• Up to ₹27,500 crore is designated for repaying or prepaying borrowings of Reliance Jio Infocomm.
• Remaining funds will be allocated for general corporate purposes.

Recent Financial Performance

Jio Platforms, which includes India’s leading telecom operator Reliance Jio, reported robust performance for the June quarter. Revenue reached ₹45,961 crore, marking a 12% year-on-year increase.

• Revenue from operations rose to ₹39,173 crore.
• EBITDA grew by 15% to ₹20,865 crore.
• EBITDA margin improved to 53% from 52%.
• Profit after tax saw a 9.2% increase, reaching ₹7,764 crore.

Subscriber Base Expansion

The company’s subscriber base expanded significantly, ending the quarter at 533.3 million. This marks an increase from 524.4 million in the previous quarter and 498.1 million a year prior.

• Jio also reported 285 million 5G subscribers.

Pre-IPO Shareholding

Prior to the proposed IPO, Reliance Industries held a 66.43% stake in Jio Platforms. Other major shareholders include Meta Platforms and Google.

• Meta Platforms holds 9.98%.
• Google holds 7.73%.

With SEBI’s approval, Jio Platforms will now complete remaining IPO formalities, including finalizing its offer documents, price band, and issue timetable.