Aug 28 (Reuters) - India's markets regulator approved billionaire Mukesh Ambani-owned Jio Platforms' $3.8 billion initial public offering on Friday, paving the way for what could be the country's biggest listing.
Reliance Jio is the world's largest mobile operator by single-country subscriber base after China Mobile and had 524.4 million subscribers at end of March.
The listing comes as India's primary market revives, with several IPOs drawing strong demand from retail and wealthy investors in recent weeks. More than two dozen IPOs have been launched or announced in less than two months since July 1, nearly matching the 28 in the first half of 2026.
Jio Platforms plans to use most of the IPO proceeds to repay debt at its telecoms unit, Reliance Jio Infocomm. The firm said proceeds will be used to repay about 275 billion rupees ($3.3 billion) of Reliance Jio Infocomm's debt.
The company reported a roughly 21% decline in headcount to 27,935 employees during the year ended March 31, even as revenue and subscriber numbers continued to grow.
Reporting by Kashish Tandon in Bengaluru; Editing by Shilpi Majumdar
Source: Reuters