Jio Platforms Just Got SEBI's Go-Ahead for India's Biggest-Ever IPO
SEBI cleared Jio Platforms' public listing on 28 August 2026. The offer itself, up to 270 million fresh shares worth roughly ₹37,700 crore, is the smaller story. The bigger one is how far the valuation has moved since global investors first bought in.
India's market regulator issued an observation letter clearing Jio Platforms' initial public offering on 28 August 2026, the last major regulatory step before the company can price its shares and open the issue to investors. The offer itself is a fresh issue of up to 270 million shares, close to 3% of total equity, expected to raise around ₹37,700 crore (roughly $3.8 billion). Reliance has said the proceeds will go primarily toward reducing existing debt, with the remainder for general corporate needs.
The number that actually matters here isn't the raise size
₹37,700 crore is a large number, but it is a small fraction of what analysts expect this listing to value the company at. Investment banks including Goldman Sachs, Jefferies, and Citi have floated valuations between $130 billion and $170 billion for Jio Platforms, with at least one estimate putting the number at $137 billion specifically. If that range holds, Jio Platforms would rank among the largest digital-platform listings anywhere in the world, and among the top handful of companies by market capitalisation on Indian exchanges the moment it lists.
I went back and checked where that valuation started, since "biggest IPO ever" headlines rarely include the comparison point.
In April 2020, Facebook's initial investment valued Jio Platforms at a pre-money valuation of $65.95 billion. Over the following ten weeks, Jio Platforms raised a combined $20.2 billion from roughly 13 global investors, including Google, KKR, Silver Lake, General Atlantic, Mubadala, and Qualcomm, in one of the fastest large-scale fundraising sprints any technology company has completed. By January 2024, Bank of America was already putting the platform's value above $100 billion. The IPO valuation range now on the table represents roughly double the 2020 figure, achieved over six years.
What has actually grown underneath that valuation
The valuation jump is not happening on hype alone. Jio Platforms closed FY26 with revenue of ₹1,72,317 crore, up about 14.5% year over year, and profit after tax of ₹30,053 crore, up around 15%. Full-year EBITDA grew 19%. Across the eight years from FY18 to FY26, revenue grew at a 28.8% compound annual rate, and EBITDA at 34%.
The subscriber base crossed 524 million during the January-March quarter of FY26, including 268 million 5G users, alongside continued growth in home broadband connections. Average revenue per user rose 3.8% year over year to ₹214 in the fourth quarter. Reliance has separately told investors it is targeting a doubling of group EBITDA by 2027.
What happens next
With SEBI's clearance secured, Jio Platforms can move to finalise pricing and begin investor roadshows. A shortlist of bankers for the offering was reportedly already in place as of October 2025, well ahead of this regulatory step. No specific listing date had been announced as of this writing.
This is a live, developing listing process. Pricing details, the roadshow, and the actual listing date will be added here as they're announced.