The Indian capital market regulator has approved the IPO of Indian billionaire Mukesh Ambani's Jio Platforms. Meta and Google are among the largest shareholders in Jio Platforms.
Jio Platforms, India's biggest telecom operator and digital service provider, has secured regulatory approval to launch its public issue, paving the way for what could be the country's largest initial public offering.
Jio Platforms is estimated to raise around 377 billion rupees ($3.9 billion) through the IPO, exceeding the $3.3 billion issue of Korean carmaker Hyundai Motors in 2024.
Indian billionaire Mukesh Ambani's flagship company, Reliance Industries, owns more than 66% stake in Jio Platforms, followed by Meta Platforms' affiliate Jaadhu Holdings that owns nearly 10% and Google International, which owns 7.7%.
Neither Meta nor Google will sell their stake in the company, according to the IPO papers.
The IPO will see the company issue up to 270 million shares, and the funds raised will be used to pare the debt of its subsidiary, Reliance Jio Infocomm, which is India's largest wireless operator.
India is one of the most active IPO markets in the world and has a pipeline of $50 billion worth of share offerings scheduled this year, including the much-awaited National Stock Exchange offering.
