Jio Platforms, the digital services arm Reliance Industries, has received the Securities and Exchange Board of India’s (SEBI) approval to proceed with an initial public offering (IPO) that could raise about $3.8 billion (about Rs 37,700 crore), paving the way for what would be the country's largest stock-market listing.
The company plans to issue up to 27 crore fresh equity shares, equivalent to about 2.9% of its post-issue equity base. The proceeds will be used primarily to repay or prepay, in whole or in part, about Rs 27,500 crore of outstanding borrowings of Reliance Jio Infocomm, Jio Platforms' material subsidiary. The remainder is earmarked for general corporate purposes.
Jio Platforms houses Reliance’s digital businesses, including its telecommunications operations.
