Daijiworld Media Network - Mumbai

Mumbai, Oct 6: Reliance Industries-backed Jio Platforms is set to launch its initial public offering (IPO) on October 21, seeking to raise around $3.8 billion, which would make it India's biggest-ever stock market listing, according to sources familiar with the matter.

The shares are expected to be listed on October 28.

The proposed IPO would surpass Hyundai Motor India's $2.9-billion listing in 2024, currently India's largest stock market debut. It would also be bigger than the $2.3-billion IPO through which the National Stock Exchange of India made its market debut last month.

The sources, who were not authorised to speak to the media, declined to comment. Reliance Industries did not immediately respond to a request for comment.

A large portion of the IPO proceeds is expected to be used to repay debt owed by Jio's telecoms division. Jio Platforms, the digital holding company of Reliance Industries, counts Meta and Google among its major foreign investors and has businesses spanning artificial intelligence, cloud services and enterprise networking.

The proposed offering comes amid a strong fundraising trend in India's primary market. Companies raised record amounts through equity markets between April and September this year, reflecting continued investor interest despite volatility in the broader stock market.

Nearly 250 companies are currently in the pipeline to raise a combined Rs 4.65 lakh crore, or around $48 billion, through IPOs, according to information provider PRIME Database. The pipeline includes Carlsberg's India business and Prism, the parent company of hotel aggregator Oyo.

The Jio Platforms IPO is expected to draw significant attention from investors given its size and the company's position as one of India's largest telecom and digital-services businesses.