Meta- and Google-backed Indian telecom operator Jio Platforms gets regulatory nod for IPO
MUMBAI, MAHARASHTRA, INDIA – 2022/09/10: People walk past Jio 5G branding in Mumbai. Reliance Jio 5G network service is set to roll out in the month of October 2022. Initially the 5G service will be available in key Indian cities including Delhi, Mumbai, Chennai and Kolkata. (Photo by Ashish Vaishnav/SOPA Images/LightRocket via Getty Images)
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Jio Platforms, India’s biggest telecom operator and digital service provider, has secured regulatory approval to launch its public issue, paving the way for what could be the country’s largest initial public offering.
Jio Platforms is estimated to raise around 377 billion rupees ($3.9 billion) through the IPO, as per market intelligence firm Prime Database, exceeding the $3.3 billion issue of Korean carmaker Hyundai Motors in 2024.
Indian billionaire Mukesh Ambani’s flagship company, Reliance Industries, owns more than 66% stake in Jio Platforms, followed by Meta Platforms‘ affiliate Jaadhu Holdings that owns nearly 10% and Google International, which owns 7.7%, as per LSEG data.
Neither Meta nor Google will sell their stake in the company, according to the IPO papers.
The IPO will see the company issue up to 270 million shares, and the funds raised will be used to pare the debt of its subsidiary, Reliance Jio Infocomm, which is India’s largest wireless operator.
India is one of the most active IPO markets in the world and has a pipeline of $50 billion worth of share offerings scheduled this year, including the much-awaited National Stock Exchange offering.
The Securities and Exchange Board of India has sought clarification regarding the draft prospectus of the National Stock Exchange, which could delay the IPO, expected to raise around 300 billion rupees ($3.1 billion), according to firm Prime Database.
India’s IPO market is entering a stronger second half of 2026, supported by improving market conditions, lower volatility and a more stable macroeconomic backdrop, Abhinav Bharti, head of India equity capital markets at J.P. Morgan, told “Inside India” earlier this month.
