Reliance Industries‘ digital arm secures regulatory observations for an offer that could surpass Hyundai Motor India as the country’s largest-ever IPO, as Paras Healthcare, Bharat PET, Sadbhav Futuretech, Pushp Brand, Paramotor Digital Technology, and M K Sons Fine Jewels also clear SEBI’s review this week.
Key Takeaways
- SEBI issued final observations to seven companies in a staggered run between August 24 and August 28.
- Jio Platforms’ proposed Rs 37,700 crore offer is entirely a fresh issue of up to 27 crore equity shares, with no offer-for-sale component; SEBI’s own filing status notes the final amount is still to be fixed via book-building.
- If it goes through at the proposed size, the issue would exceed Hyundai Motor India’s Rs 27,870 crore IPO from October 2024, currently India’s largest.
- About Rs 27,500 crore of Jio’s proceeds is earmarked to repay borrowings at telecom subsidiary Reliance Jio Infocomm.
- Paras Healthcare refiled for a larger Rs 1,800 crore issue after its 2024 approval for a Rs 400 crore offer lapsed unused.
- The seven approvals span telecom, hospitals, packaging, solar EPC, packaged food, fintech, and jewellery.
Check Live: Reliance Jio IPO
Jio Platforms Gets SEBI Nod For Rs 37,700 Crore Offering
Jio Platforms, the digital services arm of Reliance Industries, received SEBI’s observations on August 28, clearing its draft papers for what could become India’s largest-ever initial public offering.
The company had filed its draft red herring prospectus on June 19, with the proposed issue pegged at approximately Rs 37,700 crore, though SEBI’s own processing-status update notes the exact amount to be raised has not been formally specified and will depend on the book-building process.
Unlike several large IPOs this year, Jio Platforms’ offer will be entirely a fresh issue of up to 27 crore equity shares of Rs 10 face value each, with no offer-for-sale component from existing shareholders, meaning the company itself retains the proceeds rather than early investors exiting.
The fresh shares are expected to represent close to 2.9 percent of the company’s post-issue equity base.
At the proposed size, the issue would be larger than Hyundai Motor India’s Rs 27,870 crore offering, which listed in October 2024 and currently holds the record for India’s biggest IPO.
Of Jio’s total proceeds, about Rs 27,500 crore is earmarked for repaying or prepaying outstanding external borrowings at Reliance Jio Infocomm, the subsidiary that runs the Jio telecom network.
The balance is set aside for general corporate purposes. Reliance Jio Infocomm had roughly 52.4 crore subscribers as of March 2026, making it the world’s second-largest single-country mobile operator after China Mobile, according to the company’s disclosures.
SEBI’s approval clears a regulatory hurdle, not a pricing one; the final issue price and Jio Platforms’ resulting valuation will only be set through book-building closer to launch.
For a company of this scale, the more relevant question for investors may shift from whether the IPO happens to what valuation the market is willing to support once real demand is tested.
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Paras Healthcare Refiles For Rs 1,800 Crore Hospital Listing
Paras Healthcare, which runs hospitals under the Paras Health brand, received SEBI’s observations on August 24 for a Rs 1,800 crore issue, split between a Rs 500 crore fresh issue and a Rs 1,300 crore offer-for-sale.
This is a considerably larger attempt than its earlier bid: draft papers for a Rs 400 crore offer were cleared by SEBI in October 2024, but that approval lapsed after the company did not launch within the permitted window.
The Gurugram-based chain operates eight hospitals with a combined capacity of 2,211 beds across Haryana, Bihar, Uttar Pradesh, Rajasthan, Jharkhand, and Jammu & Kashmir. Fresh issue proceeds are earmarked for debt repayment, including at a subsidiary running its Srinagar hospital, along with general corporate purposes.
Five More Companies Clear SEBI’s Review
| Company | Sector | Issue Details | SEBI Observation |
|---|---|---|---|
| Bharat PET | Agrochemical packaging | Rs 760 crore (Rs 120 cr fresh + Rs 640 cr OFS) | Aug 26 |
| Sadbhav Futuretech | Solar EPC | 2.55 crore fresh shares + OFS | Aug 28 |
| Pushp Brand (India) | Packaged spices & food | Entirely OFS of up to 74.45 lakh shares | Aug 27 |
| Paramotor Digital Technology | Fintech | Confidential filing; size undisclosed | Aug 25 |
| M K Sons Fine Jewels | Jewellery | 1.7 cr shares (1.36 cr fresh + 34 lakh OFS) | Aug 28 |
Source: Draft red herring prospectuses filed with SEBI
Bharat PET, which makes PET bottles, caps, and preforms mainly for the agrochemical sector, holds close to 11 percent share of that packaging segment and reported revenue of about Rs 412 crore with profit after tax of around Rs 51 crore for FY25, according to its draft papers.
Sadbhav Futuretech, incorporated in 2020, executes solar EPC projects, including water-pumping and rooftop systems, with a cumulative installed capacity of roughly 172 MW.
Pushp Brand, founded in Indore in 1974, sells packaged spices and blended masalas across nearly two dozen states and union territories; its offer-for-sale-only structure means the listing brings no fresh capital into the company itself.
Paramotor Digital Technology, a Mumbai-based fintech founded in 2016, runs four platforms, SpendPro for prepaid card spend management, RewardOn for enterprise rewards and loyalty, yayyy.shop for consumer digital gifting, and DevStack for enterprise software services.
The company reported FY25 revenue of about Rs 112 crore, up sharply from the previous year, with a net profit of roughly Rs 29 crore; it filed via SEBI’s confidential route, so its issue size remains undisclosed.
M K Sons Fine Jewels, a Mumbai-based retailer of gold, diamond, and cubic zirconia jewellery founded in 2012, plans to use its fresh issue proceeds to open a new showroom in Maharashtra, expand an existing one in Gujarat, and repay debt.
Bottom Line
Seven IPO clearances in a single week, across telecom, healthcare, packaging, renewable energy, food, and fintech, point to an active primary market pipeline heading into the second half of 2026.
Jio Platforms will draw the most attention given its scale and record-breaking potential, but a mega-issue of this size also tests how much fresh capital the market can absorb alongside a growing queue of mid-sized offerings.
Actual pricing, timelines, and investor response across all seven issues will only become clear once each company files its final offer documents.
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Disclaimer: This article is based on regulatory filings and draft offer documents and is intended for informational purposes only. It does not constitute investment advice or a recommendation to buy, sell, or subscribe to any securities. SEBI’s issuance of observations on a draft offer document does not amount to an endorsement of the issuer or a guarantee of the accuracy of its disclosures. Readers should refer to the final Red Herring Prospectus of each company and consult a registered financial advisor before making investment decisions.
