Jio Platforms plans to launch its initial public offering on Oct. 21, aiming to raise roughly $3.8 billion in what would be India's largest-ever stock market listing, Reuters reported Tuesday, citing two sources familiar with the matter.

The shares are expected to list on Oct. 28. The proposed issue size would surpass Hyundai Motor India's (NSE:HYUNDAI; BOM:544274) record $2.9 billion IPO in 2024, according to the report.

Most of the proceeds from the Jio listing will be used to clear debt owed by its telecommunications unit, the report said.

Backed by Meta and Google, the digital services company also operates AI, cloud, and enterprise network ventures, Bloomberg said.

Jio Platforms did not immediately respond to MT Newswires' request for comment.

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