Reliance Industries-backed Jio Platforms has moved a step closer to its much-awaited public listing after receiving approval from the Securities and Exchange Board of India (SEBI) for its draft initial public offering (IPO) papers.The public issue is reportedly targeting a fundraise of around Rs 37,700 crore, implying a valuation of nearly Rs 9.5 trillion and potentially making it one of the largest IPOs in India.Jio Platforms had filed its Draft Red Herring Prospectus (DRHP) with SEBI on June 19, setting the stage for what is expected to be one of India's biggest public offerings. Reliance Industries Chairman Mukesh Ambani, speaking at the company's 49th Annual General Meeting (AGM) on Friday, said the much-awaited Jio listing would be the company's most important “value creation milestone” of the year.Ambani said the IPO would unlock significant value for Reliance Industries shareholders while also providing an attractive investment opportunity for other investors.The IPO will comprise an entirely fresh issue of up to 27 crore shares, with no offer-for-sale (OFS) component. This means the proceeds from the issue will accrue to the company. Up to 50% of the issue will be reserved for Qualified Institutional Buyers (QIBs), while at least 35% will be allocated to retail individual investors. The company has not yet disclosed the portion that will be reserved for eligible Reliance Industries shareholders and employees.More to come...