Mumbai

Jio Platforms is set to begin investor outreach later this week for its proposed initial public offering, which is widely expected to become India’s largest public offering at about $3.8 billion, according to sources.

The digital services arm of Reliance Industries received Sebi’s final observations on August 28, clearing the way for the IPO. Jio Platforms had filed its draft papers in June.

Investor meetings are expected across key global financial centres, including the US, Hong Kong, Singapore and the UK. Jio did not respond to an email seeking comment.

Under its draft prospectus, Jio Platforms plans to issue up to 27 crore fresh equity shares, representing about 2.9% of its post-issue equity base. The offering could value the company at around $137 billion.

Most of the proceeds will be used to repay or prepay about Rs 27,500 crore of outstanding borrowings of Reliance Jio Infocomm, Jio Platforms’ material subsidiary. The balance will be used for general corporate purposes.

Jio Platforms houses Reliance’s digital businesses, including its telecom operations.

Reliance Jio Infocomm has a 39.29% share of India’s mobile connections, serving 506 million customers, and a 32.89% share of fixed-line connections with 157.9 million customers.

The company had 26.85 crore 5G customers as of June 2026 and claims its 5G network carries close to 60% of India’s wireless data traffic.

Jio has expanded into cloud, artificial intelligence and enterprise network services. For FY26, Jio Platforms reported a 15% rise in profit after tax to Rs 30,053 crore and a 14.5% increase in revenue to Rs 1,46,885 crore. The IPO would be Reliance group’s first public offering since 2008 and its first IPO of a consumer-focused business.