Mumbai, Maharashtra, India – 09/10/2022: People walking in front of the Jio 5G brand in Mumbai. Reliance Jio 5G network services are expected to be rolled out in October 2022. Initially, 5G services will be available in major cities in India such as Delhi, Mumbai, Chennai, and Kolkata. (Photo by Ashish Vaishnav/SOPA Images/LightRocket, Getty Images)
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Jio Platforms, India’s largest telecom operator and digital services provider, has secured regulatory approval to launch a public offering, paving the way for what could be the country’s largest initial public offering.
Jio Platforms is estimated to raise about 377 billion rupees ($3.9 billion) through the IPO, according to market intelligence firm Prime Database, which would exceed the $3.3 billion issued by South Korean automaker Hyundai Motor in 2024.
Indian billionaire Mukesh Ambani’s flagship company Reliance Industries owns over 66% of Jio Platforms, followed by Jaadhu Holdings, an affiliate of Meta Platforms, with nearly 10% and Google International with 7.7%, according to LSEG data.
Neither Meta nor Google plans to sell their shares in the company, according to IPO documents.
The company plans to issue up to 270 million shares in the IPO, and the proceeds will be used to reduce the debt of its subsidiary Reliance Jio Infocomm, India’s largest wireless carrier.
India is one of the world’s most active IPO markets, with a pipeline of $50 billion worth of initial public offerings scheduled for this year, including the much-awaited initial public offering on the National Stock Exchange.
The Securities and Exchange Board of India has sought clarification on the National Stock Exchange’s draft prospectus that could delay the initial public offering, which is expected to raise about 300 billion rupees ($3.1 billion), according to Prime Database.
Abhinav Bharti, head of India equity capital markets at JPMorgan, told Inside India earlier this month that India’s IPO market is poised for a strong second half of 2026, supported by improved market conditions, lower volatility and a more stable macroeconomic backdrop.
