Ambani's Jio launches India's biggest IPO at $3.2 billion

Summarised from 2 outlets · 3 reports · Updated 15 Oct, 02:33 · Archive

Jio Platforms, the digital arm of Indian billionaire Mukesh Ambani's Reliance Industries, is seeking to raise up to $3.2 billion in what could be India's biggest initial public offering. Reliance Industries set a price band of ₹1,065 to ₹1,119 per share for the offering of up to 270 million new shares. At the upper end of the price band, the IPO would value Jio at about $108 billion.

The offering is expected to overtake Hyundai Motor India's 2024 IPO as India's largest to date. The IPO will open for subscription on 21 October and close on 23 October, with bidding for anchor investors scheduled for 19 October. This comes after Jio has positioned itself as a tech company rather than solely a traditional telecom utility, though according to CNBC, investors have expressed unconvinced about this positioning.

Jio's valuation has lowered from the over $130 billion expected a year ago, with global brokerage Nomura reporting the enterprise valuation has shrunk to $118 billion from the $133 billion expected earlier. Since launching in 2016, Jio has grown into India's largest telecom operator, with more than 524 million subscribers as of March 31, ahead of competitors Bharti Airtel, Vodafone Idea and state-owned BSNL.

How it is being reported

• Meta- and Google-backed Jio Platforms to raise up to $3.2 billion in historic IPO in IndiaJio's share sale will be India's largest ever in rupee terms, and second largest in dollar terms, trailing the Hyundai Motors IPO that raised $3.3 billion in 2024.CNBC · 15 Oct, 02:56
• Inside India newsletter: Billionaire Ambani’s mega-IPO faces a valuation reality check amid Musk spatJio Platforms, the company at the center of Musk’s remarks, is launching an IPO later this month.CNBC · 15 Oct, 01:30
• Ambani’s Jio seeks to raise $3.2B in what could be India’s biggest IPOJio plans to use most of its IPO proceeds to repay debt as it expands beyond telecom.TechCrunch · 14 Oct, 22:48

In this story: Mukesh Ambani · Jio Platforms · Reliance Industries · India · Google · Meta

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