Jio Platforms, Reliance Industries’ India-based digital services and telecom unit, has received approval from the Securities and Exchange Board of India for an initial public offering that could raise about US$3.8 billion, according to a regulatory update on August 28.

Draft papers filed in June show Jio Platforms plans to issue up to 27 crore fresh equity shares, or about 2.9% of its post-issue equity, and use most of the proceeds to repay or prepay, in whole or in part, about 275 billion rupees (US$2.88 billion) of borrowings at subsidiary Reliance Jio Infocomm.

People familiar with the matter said the offering could value Jio Platforms at about US$137 billion and, at an estimated issue size of about 377 billion rupees (US$3.95 billion), become India’s largest initial public offering, ahead of Hyundai Motor India’s 2024 listing, which set a record.

Reliance Industries owns about 66.4% of Jio Platforms, while Meta and Google together hold about 17.7%, according to the draft prospectus.

🔗 Source: YourStory

Recent Jio Platforms developments