Jio Platforms IPO: Jio Platforms has received the nod from the markets regulator, Securities and Exchange Board of India (SEBI), for its mega ₹37,700 crore initial public offering (IPO), which is likely to hit the primary market by the end of 2026.
At the 49th Annual General Meeting (AGM) on 19 June this year, Reliance Chairman Mukesh Ambani announced that the board of Jio Platforms had approved its DRHP, which will be filed with SEBI on 19 June only.
On Friday, 28 August, SEBI issued its observation letter on the company’s draft prospectus.
“Jio Platforms Limited (JPL), a subsidiary of the company, has… received the observation letter on the draft red herring prospectus filed for its proposed initial public offer from the Securities and Exchange Board of India,” Reliance Industries Ltd informed the stock exchanges later in the day.
Jio Platforms IPO details
The Jio IPO, expected to be of ₹37,000- ₹37,700 crore, could be India’s biggest IPO to date. This record, till today, is with Hyundai Motor India, which raised about ₹27,870 crore in October 2024, overtaking the LIC IPO in May 2022, worth ₹20,557 crore. The Jio IPO will also surpass the proposed ₹30,000 crore IPO of the National Stock Exchange of India (NSE).
As per the DRHP, the Jio IPO will be entirely a fresh issue of 27 crore shares. As there is no OFS portion, the company will utilise the entire amount raised from the issue to pay certain outstanding borrowings availed by its material subsidiary, RJIL and for general corporate purposes.
Jio IPO price band and issue dates are yet to be announced.
Kotak Mahindra Capital Company, Morgan Stanley India Company, BofA Securities India, Axis Capital, BNP Paribas, Citigroup Global Markets India, CLSA India, DAM Capital Advisors, Goldman Sachs (India) Securities, HDFC Bank, HSBC Securities and Capital Markets (India), ICICI Securities, IIFL Capital Services, Jefferies India, JM Financial, J.P. Morgan India, SBI Capital Markets, UBS Securities India, and 360 ONE WAM are the book-running lead managers of the issue.
KFin Technologies is the registrar of the Jio IPO.
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