Jio Platforms IPO to Be India’s largest after Sebi approval

Jio Platforms Ltd, the digital services arm of billionaire Mukesh Ambani’s Reliance Industries Ltd, has received approval from markets regulator Sebi to proceed with its initial public offering (IPO), which could raise about USD 3.8 billion.

The proposed issue could pave the way for what would be India’s largest stock-market listing.

The Securities and Exchange Board of India (Sebi) issued its final observations on August 28, according to an update on the regulator’s website.

Jio Platforms had filed its draft papers with the markets 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.

Sebi’s observation is a key step in the initial public offering (IPO) process. Following this, a company can proceed with further preparations for the public issue, subject to applicable regulatory requirements.

According to the Draft Red Herring Prospectus (DRHP), Jio Platforms will offer up to 27 crore fresh equity shares. The issue will account for around 2.9 per cent of the company’s total equity base post-issue.

The Sebi approval clears a key regulatory step for Jio Platforms’ much-anticipated public offering. The IPO is expected to be closely watched by investors and the broader market.