By Dharmesh Prajapati

NEW DELHI, June 19 – Indian billionaire Mukesh Ambani’s Reliance Jio Platforms has filed regulatory papers for a Mumbai IPO to ‌raise around $3.8 billion, sources said, in what could be a record listing for the country.

The IPO aims to unlock value from a company that includes Jio’s telecom business, the world’s second-largest operator by single-country subscribers after China Mobile (600941.SS), opens new tab. Jio Platforms counts Meta and Google among its major foreign investors.

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Proceeds from ​the offering will largely be used to repay debt of the telecoms business. Jio Platforms also runs AI, cloud and ​enterprise network businesses.

The IPO will test India’s capital markets, which have cooled in recent months after the ⁠U.S.-Israeli conflict with Iran rattled global markets and weighed on investor sentiment.

The IPO is targeting a fundraising of around 360 billion ​rupees ($3.81 billion), three sources familiar with the matter said, equal to about 2.9% of its post-issue equity, valuing the business at around $131 ​billion.

The IPO prospectus, which did not contain the fundraising target, said proceeds will be used to repay an estimated 275 billion rupees ($2.92 billion) of Reliance Jio Infocomm’s debt.