Mumbai, Aug. 29 -- India's markets regulator has approved the initial public offering (IPO) of Jio Platforms Ltd, clearing the way for what could become the country's largest stock listing. The Securities and Exchange Board of India (Sebi) issued its observation letter on the company's draft prospectus on Friday. "The company can now formally begin marketing the offer, with management directly getting involved," a person aware of the developments told Mint. "Initial conversations have indicated strong demand from global investors, including sovereign and pension funds." Jio Platforms plans to list on the stock exchanges within the next couple of months, the person added. A spokesperson for the company did not immediately respond to Mint's queries. Jio Platforms, the digital services arm of Reliance Industries Ltd, plans to raise Rs.35,000 crore (around $4 billion) through the IPO, structured entirely as a fresh issue of shares. At the targeted fundraise, the offering would surpass India's previous IPO records, including those set by Hyundai Motor India Ltd and Life Insurance Corp. of India (LIC), as well as the proposed Rs.30,000 crore IPO of the National Stock Exchange of India Ltd (NSE). Analysts at Morgan Stanley and Citi Research have valued Jio Platforms at around $133 billion, implying a multiple of about 13 times its estimated enterprise value to earnings before interest, taxes, depreciation and amortization (Ebitda) for fiscal year 2027 (FY27). The company plans to issue 270 million equity shares with a face value of Rs.10 each. There will be no offer-for-sale component, meaning the entire gross proceeds from the IPO will accrue directly to Jio Platforms. Reliance Industries currently holds a 66.43% stake in Jio Platforms. Meta Platforms Inc. owns 9.98% through its affiliate Jaadhu Holdings LLC, while Google International LLC holds 7.73%....