Jio Platforms has received an observation letter from India’s Securities and Exchange Board of India, clearing its Draft Red Herring Prospectus and allowing it to proceed with an IPO that could become the country’s largest. The company plans to issue up to 270 million fresh shares and raise approximately 377 billion rupees ($3.8 billion), exceeding Hyundai Motor India’s 2024 listing. Reliance Industries owns 66.43% of Jio Platforms, while Meta Platforms owns 9.98% and Google holds 7.73%; Saudi Arabia’s Public Investment Fund and KKR are also investors. The purely primary offering is expected to dilute existing holdings by about 2.9% and could value Jio Platforms above $100 billion, with some estimates reaching $137 billion. About 275 billion rupees of the proceeds will repay or prepay debt at Reliance Jio Infocomm, while the remainder will support general corporate purposes. Jio has 12 months from SEBI’s approval to launch the offering or seek fresh clearance. The transaction would be the first Reliance group IPO since 2008 and the first public offering of a consumer-facing Reliance business.