Jio Platforms Gets SEBI Nod For IPO

Reliance Industries’ (RIL) digital and telecom services arm Jio Platforms has received SEBI’s approval for its proposed IPO, moving closer to its stock market debut.

According to an update on the markets regulator’s website, SEBI issued its observations on Jio Platforms’ IPO papers during the week ended August 28. 

In SEBI’s parlance, issuance of observations is an approval for a company to proceed with its public issue.

Jio Platforms filed its DRHP with SEBI on June 19.

The proposed IPO will comprise a fresh issue of up to 27 Cr equity shares with a face value of ₹10 each. It will not include an offer for sale by the company’s existing shareholders.

According to the DRHP, Jio Platforms plans to use the net proceeds to repay or prepay certain borrowings of its material subsidiary Reliance Jio Infocomm. The remaining proceeds will be used for general corporate purposes.

Jio Platforms houses RIL’s digital businesses, including telecom operator Reliance Jio Infocomm, and offers connectivity and digital services to consumers and enterprises.

RIL is the company’s largest shareholder with a 66.43% stake. Meta and Google own 9.98% and 7.73%, respectively, while its other shareholders include KKR, Silver Lake, Vista Equity Partners, General Atlantic, Mubadala, and the Public Investment Fund.

(The story will be updated soon)

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