Jio Platforms has received approval from the Securities and Exchange Board of India (Sebi) for its much-anticipated initial public offering (IPO), which is expected to raise between $3.5 billion and $4 billion (approximately Rs 37,000 crore). The clearance marks a significant milestone for parent Reliance Industries, as it represents the conglomerate's first IPO in nearly 20 years.

According to the report by Economic Times Markets, the company plans to issue new equity shares as part of the offering, although these will account for only a minor equity stake. A portion of the proceeds from the IPO is intended to be used to help offset loans at Reliance Jio Infocomm, the telecom arm of the group.

The green light from Sebi clears the regulatory path for one of India's most closely watched listings, coming from the digital services arm of Reliance Industries. Jio Platforms houses Reliance's digital services portfolio, including the Jio telecom business as well as digital apps and services spanning content, payments, and connectivity, and it counts global investors such as Facebook-parent Meta and Google among its backers following fundraising rounds in 2020. A listing of this scale would rank among the largest IPOs in India's history, and its progress is being watched as a bellwether for the broader pipeline of large technology and telecom listings in the country's capital markets.

Source: Economic Times Markets