Jio Platforms receives regulatory approval for IPO backed by Meta and Google

India’s securities regulator has given Jio Platforms the green light to proceed with its initial public offering, setting the stage for a listing that could dwarf every IPO the country has ever seen. SEBI issued its observation letter during the week ending August 28, 2026, clearing the Draft Red Herring Prospectus that Jio filed on June 19. The company plans to offer up to 27 crore fresh equity shares, aiming to raise approximately ₹37,700 crore, or roughly $3.8 billion. If it hits those numbers, Jio Platforms would leapfrog Hyundai Motor India’s 2024 listing to claim the title of India’s largest IPO in history. The investor roster reads like a tech summit guest list Reliance Industries, the conglomerate led by Mukesh Ambani, holds a commanding 66.43% stake in Jio Platforms. Meta Platforms owns 9.98% of the company. Google holds 7.73%. Saudi Arabia’s Public Investment Fund and private equity heavyweight KKR round out the list of notable backers. Post-issue dilution is projected at around 2.9%, which would value Jio Platforms at well above $100 billion. Some estimates push the figure closer to $137 billion, a number that would place the company among the most valuable telecom and d...