Jio Platforms, the telecom arm of Reliance Industries (RIL), has received approval from the Securities and Exchange Board of India (Sebi) for its proposed Rs 37,700 crore IPO, bringing the much-awaited listing of the company a step closer.

The offering could value Jio at nearly Rs 9.5 trillion, which would make it India's largest IPO to date, surpassing the record set by Life Insurance Corporation of India's roughly Rs 21,000 crore listing in 2022.

The listing is a landmark moment for Indian markets, where investor interest in large new-age technology and telecom-driven businesses has grown in recent years. Reliance has long signaled its intention to list both Jio and its retail arm separately, and the Sebi nod moves that plan forward for its telecom business. Attention will now turn to the IPO's price band, subscription dates, and eventual listing on the exchanges.

According to the company's plans, Rs 27,500 crore of the IPO proceeds will be used to repay borrowings of Reliance Jio Infocomm, the operating telecom subsidiary. The remainder would add to the group's funding flexibility as it continues expanding its digital services footprint, which includes 5G rollouts and a growing suite of apps and platforms.

Source: Economic Times Markets