SEBI Clears Jio Platforms IPO, Setting Up India’s Largest Listing

India’s market regulator has taken an important step toward allowing Jio Platforms to sell shares to the public.

The regulator, SEBI, reviewed the company’s draft IPO documents and issued an observation letter.

Jio Platforms may try to list its shares within the next couple of months.

The company is reportedly seeking about ₹35,000 crore, which could make this India’s biggest IPO.

All the proposed shares would be newly issued by the company, rather than sold by existing shareholders.

Jio Platforms plans to use much of the money to repay loans held by Reliance Jio Infocomm.

The remaining funds would be used for general business needs.

The company’s profit and revenue both increased compared with the same quarter last year.

However, its profit was lower than in the previous quarter because finance and depreciation costs rose.