Jio Platforms Ltd has moved a major step closer to the stock market after receiving final observations from the Securities and Exchange Board of India (SEBI) for its proposed initial public offering (IPO). The issue, expected to raise about ₹37,700 crore, could become the largest public offering in India if it proceeds at the proposed size.

The approval clears a key regulatory hurdle for the digital and telecom arm of Reliance Industries. At roughly $3.8 billion, the Jio Platforms IPO would surpass Hyundai Motor India’s 2024 issue of about ₹27,859 crore and take the top position in India’s IPO market. The proposed public issue is also larger than the estimated ₹30,000-crore offering being planned by the National Stock Exchange.

Jio Platforms had submitted its draft red herring prospectus (DRHP) to SEBI on June 19. The company is proposing to issue up to 27 crore new equity shares, representing around 2.9% of its post-issue equity capital. The offering is structured entirely as a fresh issue, meaning existing shareholders are not selling their shares through an offer-for-sale component.

The structure is significant because the proceeds will flow into the company rather than directly to existing investors. Of the money raised, ₹27,500 crore has been earmarked to repay borrowings of Reliance Jio Infocomm, the telecom operating company within the Jio ecosystem. The remaining funds are intended for general corporate purposes.

The planned debt repayment gives the IPO a financial purpose beyond simply creating a public market for Jio Platforms shares. Reducing Reliance Jio Infocomm’s borrowings could strengthen the balance sheet of the telecom business while allowing investors to assess the wider Jio ecosystem through a separately listed entity.

The proposed listing is being closely watched because Jio has grown far beyond its original role as a mobile network operator. The business now spans wireless connectivity, broadband, digital applications, enterprise services, cloud offerings and emerging technology areas, including artificial intelligence.

Its scale in telecommunications remains one of its biggest strengths. Jio had more than 533 million subscribers as of June, making it one of the world’s largest mobile operators. The company has also been expanding its digital and enterprise businesses as it seeks to build multiple sources of revenue around its large customer base.

The IPO will also provide the market with an opportunity to put an independent valuation on Reliance’s digital businesses. Jio Platforms has so far operated as part of the larger Reliance group, with its value inferred through private investments and group-level disclosures. Its public listing will give investors a direct reference point for the company’s market value.

Current estimates put Jio Platforms’ potential valuation at around $137 billion, although the final figure will depend on the issue price and other details that are yet to be announced. The price band, IPO opening date, closing date and listing schedule have not been disclosed so far.

The company has already attracted some of the world’s biggest technology and investment firms. Meta invested around ₹43,574 crore in Jio Platforms in 2020 for a 9.99% stake, while Google invested approximately ₹33,737 crore for a 7.73% holding. Other global investors, including Silver Lake, Vista Equity Partners, General Atlantic, KKR, Mubadala and TPG, also became shareholders.

Reliance Industries remains the largest shareholder, holding about 66.4% of Jio Platforms. Meta and Google together account for a significant portion of the equity, while other strategic and financial investors hold the remaining shares.

The public issue also marks an important moment for the Reliance group. It would be the first IPO from the group in nearly two decades, adding to the significance of the proposed listing. Reliance’s last major IPO was Reliance Power in 2008, making the Jio offering a closely watched event for both institutional and retail investors.

The timing is favourable for the Indian primary market, which has seen strong activity this year. Several companies have tapped investors through IPOs, while major businesses preparing to list have kept investor interest high. Jio’s proposed offering could give the market another major boost because of its size, brand recognition and position in India’s technology and telecom sectors.

However, the size of the IPO alone will not determine how investors respond. Valuation and pricing will be critical. Market participants are likely to examine Jio’s subscriber growth, average revenue per user, profitability, debt levels and expansion plans before deciding whether the issue offers sufficient value.

This IPO could also unlock a clearer valuation for one of its most important growth businesses. For Jio Platforms, meanwhile, a successful listing would mark the transition from a privately held digital powerhouse to a publicly traded company with direct market scrutiny.

The next major milestones will be the announcement of the IPO timetable, price band and final issue structure. Investors will also watch for further disclosures on financial performance and the proposed use of proceeds.

SEBI’s approval has therefore transformed the Jio IPO from a long-awaited plan into a much more immediate market event. If the company raises the proposed ₹37,700 crore, it will not only set a new record for India’s largest IPO but also create one of the country’s most closely followed stock-market listings.

The Jio Platforms IPO is consequently more than another large fundraising exercise. It represents a major test of investor appetite for India’s digital economy and could establish a new benchmark for how large technology-led businesses access the country’s