Indian billionaire Mukesh Ambani’s Jio Platforms plans to launch its initial public offering on October 21, seeking to raise about $3.8 billion in ‌what is set to be India’s biggest listing, two sources familiar with the matter said.

The shares are expected to list on October 28, a Reuters report yesterday stated.

The country’s biggest listing to date is Hyundai Motor India’s $2.9 billion listing ⁠in 2024, while the National Stock Exchange of India made its market debut last month after a $2.3 billion IPO.

The sources were not authorised to speak to the media and declined to comment. Reliance did not respond to a Reuters request for comment.

Proceeds from the offering will largely be used to repay debt owed by its telecoms division.

Jio ⁠Platforms, which counts Meta and Google among its major foreign investors, also runs AI, cloud and enterprise network businesses.

India has seen a rush of companies coming to market, with proceeds ⁠raised during April to September this year marking a record for the period.