India, Aug. 28 -- Jio Platforms has received approval from the Securities and Exchange Board of India (Sebi) for its proposed initial public offering (IPO), clearing a key regulatory step for an issue expected to raise about Rs 37,700 crore.

The Akash Ambani-led company received the regulatory nod on 28 August, according to an update with Sebi. The approval allows Jio Platforms to proceed with preparations for the public issue, subject to applicable regulatory requirements.

If Jio raises around Rs 37,700 crore, or approximately USD 4 billion, the offering could become India's largest IPO, surpassing Hyundai Motor India's USD 2.95 billion listing in 2024.

According to the Draft Red Herring Prospectus (DRHP), Jio Platforms plans to issue...