In its much-awaited public market entry, Reliance’s Jio Platforms Limited received approval from the Securities and Exchange Board of India (SEBI) on Friday (28th August) for its Initial Public Offering (IPO) plan. The Indian market regulator has given a go-ahead for what could potentially become the country’s biggest public offering.
The company is set to list its shares on the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE). Jio Platforms Limited started the IPO process about two months ago, on 19th June, when its Draft Red Herring Prospectus (DRHP) was approved by its board. The same day, at the company’s 49th Annual General Meeting, Reliance Industries Chairman Mukesh Ambani informed shareholders about the Jio Platforms board’s approval for the DRHP. He added that the company would file the DRHP with the SEBI.
The DRHP documents reportedly mention the proposed plan of the company, under which it will issue 27 crore fresh equity shares of face value ₹10 each, representing 2.93% of its total equity base. Out of the total proceeds, it plans to use ₹27,500 crore for pre-paying loans.
The plan does not include an offer-for-sale component, which means that the existing shareholders will not have to sell their shares. The company will offer fresh shares, the prices for which will be decided through a bidding process called book-building. The public offering is expected to raise around Rs 37,700 crore.
Notably, at the end of March 2026, Reliance Jio’s subscriber count reached 524.4 million, making it the world’s largest mobile operator by single-country subscriber base after China Mobile.
The feat comes after the company received the approval of the Indian National Space Promotion and Authorisation Centre (IN-SPACe) for its proposal to launch 1,600 low-earth orbit (LEO) satellites last month. The satellite system, comparable to global systems like Starlink, was described as technically sound by the Indian space regulator.
The move was part of Reliance Jio’s efforts toward its space communication plans. The proposal was hailed by IN-SPACe because it would reduce dependence on overseas companies. Once the proposal is executed, it would make it possible for India to set up its homegrown LEO constellation, which will cater to national security and strategic defence requirements.
