Jio Platforms received Sebi's final observations for its Rs 37,700 crore IPO, the largest in India, with proceeds to repay debt and attract global investors.
Jio Platforms Ltd, the digital services arm of Reliance Industries, received final observations from the Securities and Exchange Board of India on August 28, clearing a key hurdle for what could become the country's largest initial public offering.
The company filed its draft red herring prospectus in June for an issue of up to 27 crore fresh equity shares, representing roughly 2.9% of its post-issue equity base. Sources said the IPO is expected to raise around Rs 37,700 crore ($4 billion) at a valuation of approximately $137 billion.
That would surpass the proposed Rs 30,000 crore IPO of the National Stock Exchange, also in the pipeline, making Jio Platforms the biggest-ever Indian public issue.
Proceeds from the offering are earmarked primarily for repaying or prepaying outstanding borrowings of Reliance Jio Infocomm Ltd, the material subsidiary that operates the telecom network. The remainder will go toward general corporate purposes.
Jio Platforms has drawn marquee investors since 2020. Meta Platforms invested Rs 43,574 crore for a 9.99% stake, and Google put in Rs 33,737 crore for 7.73%. A group of global financial investors. Silver Lake, Vista Equity Partners, General Atlantic, KKR, Mubadala, ADIA, TPG, L Catterton, PIF, Intel Capital and Qualcomm Ventures, together contributed roughly Rs 74,745 crore for a combined 15.2% stake.
Reliance Industries currently holds 66.43% of Jio Platforms' paid-up equity. Meta and Google together own 17.71%, with the remainder held by other institutional investors.
The IPO marks the first public offering from the Reliance group since 2008 and the first-ever consumer-focused listing within the conglomerate. Sebi's observation allows the company to proceed with further preparations, subject to applicable regulatory requirements.
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