Jio Platforms Ltd, the digital services arm of Reliance Industries, plans to launch its initial public offering (IPO) on October 21, seeking to raise about $3.8 billion in what is set to be India’s biggest listing, Reuters reported, citing sources.
The proposed issue is set to surpass Hyundai Motor India’s $2.9 billion listing in 2024, while the National Stock Exchange of India made its market debut last month after a $2.3 billion IPO. The shares are expected to list on October 28, according to the report.
The sources were not authorized to speak to the media and declined to comment. Reliance did not respond to a Reuters request for comment, the report said.
Earlier in August, the company received approval from the market regulator, the Securities and Exchange Board of India (SEBI), for its mega issue. On Friday, August 28, SEBI issued its observation letter on the company’s draft prospectus.
At the 49th Annual General Meeting (AGM) on June 19 this year, Reliance Chairman Mukesh Ambani announced that the board of Jio Platforms had approved its draft red herring prospectus (DRHP), which was filed with SEBI on the same day.
Reliance Jio Platforms is a subsidiary of Reliance Industries, the Mukesh Ambani-led oil-to-retail conglomerate and India’s largest private-sector company by market capitalization as of March 31, 2026.
The company is best known for its telecom arm, Reliance Jio Infocomm, which disrupted India’s telecom industry following its launch in 2016 by offering affordable voice and data services. Jio played a key role in accelerating digital adoption across the country through its low-cost data plans and free voice-calling model, attracting millions of subscribers within a short span of time.
Proceeds from the offering will largely be used to repay debt owed by its telecom division. Jio Platforms, which counts Meta and Google among its major foreign investors, also runs AI, cloud and enterprise network businesses.
