Jio IPO soon! RIL's telecom arm gets Sebi nod for Rs 37,700 crore offering

Jio Platforms, the telecom arm of Reliance Industries, has received SEBI approval for an IPO targeting a fundraise of around Rs 37,700 crore at a valuation of nearly Rs 9.5 trillion, making it one of India's largest public offerings. The issue will be entirely a fresh issue of up to 27 crore shares with no offer-for-sale component, with up to 50 percent reserved for QIBs and at least 35 percent for retail investors. Chairman Mukesh Ambani described the listing as the most important value creation milestone of the year for Reliance shareholders.