Jio Platforms Ltd, the digital services arm of billionaire Mukesh Ambani's Reliance Industries Ltd, has received approval from markets regulator Sebi to proceed with an initial public offering that could raise about $3.8 billion, paving the way for what would be the country's largest stock-market listing.
The Securities and Exchange Board of India (Sebi) issued its final observations on August 28, according to an update on the regulator's website.
Jio Platforms had filed its draft IPO papers in June.
"Jio Platforms Limited (JPL), a subsidiary of the company, has today, i.e., August 28, 2026, received the observation letter on the Draft Red Herring Prospectus (DRHP) filed for its proposed Initial Public Offering from the Securities and Exchange Board of India," Reliance Industries Limited (RIL) said in a regulatory filing.
The company plans to issue up to 27 crore fresh equity shares, equivalent to about 2.9% of its post-issue equity base, according to its draft prospectus.
