India’s securities watchdog has given Jio Platforms the green light for a $3.8B IPO that would set a new national record for listing size.
The Securities and Exchange Board of India signed off on the offering on Friday, positioning the Reliance Industries unit to overtake Hyundai Motor India’s $2.95B debut in 2024 as the country’s biggest-ever public market entry.
The share sale covers 270 million shares. Reliance itself controls about 66.4% of Jio, with Meta and Google holding roughly 9.9% and 7.7% respectively, according to the prospectus.
Jio, the world’s second-largest mobile operator with more than 533 million subscribers, has spent recent years diversifying into AI, cloud and enterprise network services. Roughly $3.3B of the proceeds will repay debt at Reliance Jio Infocomm.
The approval arrives amid an Indian listing revival: more than two dozen companies have announced or launched IPOs since July 1, nearly matching the 28 recorded across the whole first half of 2026.
Analysts see the listing as a chance to value Jio on its own merits rather than inside the Reliance conglomerate. “This is the right time for Jio to come into the primary market and get listed on stock exchanges,” said Kranthi Bathini, director of equity strategy at WealthMills Securities.
Jio filed its draft papers with SEBI back in June.
