Jio Platforms secured approval from the Securities and Exchange Board of India for its initial public offering. The company aims to raise approximately ₹37,700 crore, or $4 billion. This transaction will mark the largest IPO in India's history.
The offering consists of a fresh issue of 27 crore equity shares. Proceeds will primarily fund debt repayment at the subsidiary Reliance Jio Infocomm.
Reliance Industries will continue to serve as the controlling shareholder. Meta Platforms currently holds a 9.98% minority stake in the firm. Google maintains a 7.73% minority interest.