Jio Platforms gets Sebi nod for $3.8bn IPO, potentially India’s biggest listing

Jio Platforms, the digital services arm of Mukesh Ambani-led Reliance Industries, has received approval from the Securities and Exchange Board of India (Sebi) for its proposed $3.8 billion initial public offering, paving the way for what could become India’s biggest listing.The market regulator approved the IPO on Friday, marking a key step that allows the company to proceed with further preparations for the public issue, subject to regulatory requirements.Jio Platforms had filed its draft papers with Sebi in June for the proposed IPO, which is expected to raise around $4 billion, or approximately Rs 37,700 crore.Fresh share sale, debt repayment plansAccording to the draft prospectus, Jio Platforms plans to offer up to 27 crore fresh equity shares, representing around 2.9% of its total equity base after the issue.The company plans to use most of the IPO proceeds to reduce debt at its telecom unit, Reliance Jio Infocomm.