New Delhi, June 19 -- Jio Platforms Ltd, the digital arm of Reliance Industries Ltd, on Friday filed the draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (Sebi), kicking off the process for what could potentially be the country's biggest initial public offering (IPO) so far.

The company is looking to raise capital through a fresh issue of 270 million equity shares with a face value of Rs.10 each. The IPO will have no offer for sale from existing investors.

Jio plans to use up to Rs.27,500 crore from the IPO funds raised to prepay certain borrowings availed by its material subsidiary, Reliance Jio Infocomm Ltd (RJIL).

People directly aware of the matter told Mint that Jio Platforms plans to raise addit...