Jio Platforms gets SEBI approval for IPO; likely to be largest public issue in India

Representational Image. File pic.

Jio Platforms Ltd, the digital services division of Reliance Industries, has received Sebi approval to float an initial public offering that could raise around USD 4 billion (approximately Rs 37,700 crore), making it potentially the largest public issue in the country.

Jio Platforms had filed its draft papers with the markets regulator in June for the proposed public issue.

According to an update with the market regulator, Jio Platforms obtained Sebi's final observations on August 28.

Sebi's observation is a key step in the initial public offering (IPO) process, after which a company can proceed with further preparations for the public issue, subject to applicable regulatory requirements.

According to the Draft Red Herring Prospectus (DRHP), the company will offer up to 27 crore fresh equity shares. The issue will account for around 2.9 per cent of the company's total equity base post-issue.

The approval paves the way for Jio Platforms to proceed with its much-anticipated public offering, which will be closely watched by investors and the broader market.

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