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 told Reuters.

The shares are expected to list on October 28. The country’s biggest listing to date is Hyundai Motor India’s $2.9 billion listing in 2024. The National Stock Exchange made its market debut last month after a $2.3 billion IPO.

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. Proceeds raised during April to September this year marked a record for the period.

Almost 250 companies are in the pipeline to raise a combined 4.65 trillion rupees, about $48 billion, through IPOs, according to PRIME Database. The list includes Carlsberg’s India business and Oyo’s parent Prism.