The approval comes just over two months after Jio Platforms filed its Draft Red Herring Prospectus (DRHP) with the market regulator on June 19, setting the stage for what could become one of India’s largest-ever initial public offering.
Under the proposed plan, Jio Platforms will issue 27 crore fresh equity shares, representing a 2.93% stake dilution. The company plans to use around ₹27,500 crore of the proceeds to pre-pay loans, according to its IPO documents.
The issue will also mark a closely watched milestone for Jio Platforms’ diverse investor base. Reliance Industries (RIL) remains the largest stakeholder with a 66.43% holding, followed by Meta Platforms at 9.98% and Google at 7.73%.
Other major investors include Saudi Arabia’s Public Investment Fund (2.31%), KKR (2.31%), Vista Equity Partners (2.31%), Silver Lake (1.88%), Mubadala (1.85%), General Atlantic Singapore (1.34%), Abu Dhabi Investment Authority (1.16%) and TPG Capital (0.93%).
The listing plan comes as the company continues to deliver strong operating performance across its digital businesses.
In the June quarter, Jio Platforms reported revenue of ₹45,961 crore, up 12% year-on-year, while revenue from operations rose jumped to ₹39,173 crore. EBITDA increased 15% year-on-year to ₹20,865 crore, with the EBITDA margin improving to 53% from 52% a year earlier.
Profit after tax rose 9.2% year-on-year to ₹7,764 crore.
The company’s subscriber base also continued to expand, reaching 533.3 million at the end of the June quarter, compared with 524.4 million in the previous quarter and 498.1 million a year earlier. Its 5G subscriber base stood at 285 million.
Data consumption remained strong, with total data traffic rising 26.9% year-on-year to 69.4 billion GB, while average per-capita data consumption stood at 43.7 GB a month.
Meanwhile, SEBI’s weekly update showed that it had also approved IPO plans of Bharat PET, Sadbhav Futuretech, MK Sons Fine Jewels, Pushp Brand India and Paras Healthcare. The regulator also approved a pre-filing by Paramotor Digital Technology.
