Jio Platforms, the digital and telecom company owned by Reliance, has received an observation letter from the Securities and Exchange Board of India, allowing it to move ahead with its planned India listing. The regulatory clearance advances one of the market's most closely watched IPO candidates. The company filed its prospectus on June 19 and plans to issue up to 270 million new shares, diluting about 2.9% of its equity. Net proceeds are earmarked for debt repayment and general corporate purposes. People familiar with the matter said Jio Platforms aims to raise as much as $4 billion at a valuation above $100 billion, which would exceed Hyundai Motor India's $3.3 billion IPO in 2024.