Jio Platforms IPO Gets SEBI Nod for India’s Largest Offering

Jio Platforms, a subsidiary of Reliance Group, has received approval from the Securities and Exchange Board of India (SEBI) for its initial public offering (IPO), which is expected to raise ₹37,700 crore. This offering is positioned to be India’s largest IPO to date.

The board’s approval for the Draft Red Herring Prospectus (DRHP) was announced by Reliance Chairman Mukesh Ambani on June 19. SEBI subsequently issued its observation letter for the IPO on August 28, moving the process forward.

The IPO’s Record-Setting Scale

• The IPO is projected to be worth ₹37,700 crore.
• It is set to surpass previous records, including Hyundai Motor India (₹27,870 crore in October 2024) and LIC (₹20,557 crore in May 2022).
• The launch is anticipated by the end of 2026.

The offering will consist entirely of a fresh issue of 27 crore shares, without any Offer For Sale (OFS) component. Proceeds from this IPO are designated to clear outstanding borrowings of its material subsidiary, Reliance Jio Infocomm Limited (RJIL), and for general corporate purposes.

Financial Performance and Key Investors

Global financial firms like Morgan Stanley and Citi Research have valued Jio Platforms at approximately $133 billion. The company demonstrated strong financial results in Q1FY27, reporting a net profit of ₹7,764 crore.

• Net profit in Q1FY27 increased by 9.2% year-on-year.
• Revenue from operations grew by 11.8% year-on-year to ₹39,173 crore.
• Reliance Industries holds a 66.43% stake in Jio Platforms.
• Meta Platforms Inc. holds 9.98%, while Google International LLC holds 7.73%.

A consortium of financial institutions is managing the offering, including Kotak Mahindra Capital Company, Morgan Stanley India Company, and HDFC Bank as book-running lead managers. KFin Technologies is serving as the registrar for the IPO.

While SEBI approval has been secured, the precise price band and specific issue dates for the IPO are yet to be announced. This information will be crucial as the offering moves towards its expected launch.