Jio Platforms Seeks $3.2 Billion IPO in India's Largest Offering
Jio Platforms, the digital arm of Reliance Industries owned by Indian billionaire Mukesh Ambani, is preparing for an initial public offering (IPO) valued at up to ₹10.3 trillion ($108.3 billion). The company aims to raise $3.2 billion through the sale of 270 million new shares priced between ₹1,065 and ₹1,119 per share. This IPO is expected to surpass previous records in India’s capital markets, including Hyundai Motor India's offering earlier this year. Jio has grown rapidly since its launch in 2016, becoming the largest telecom operator in India with over 524 million subscribers as of March 31. The company expanded beyond telecommunications into broadband and cloud services. In 2020, Jio attracted significant investments from global tech giants like Google ($4.5 billion) and Meta (then Facebook; $5.7 billion). Proceeds from the IPO will be used to repay debt at its telecom subsidiary and for general corporate purposes. The offering opens on October 21 after a bidding session with anchor investors scheduled for October 19. Jio's financial performance has also improved, reporting nearly 12% revenue growth in Q3 of this year compared to the same period last year.
Topics: investment IPO market valuation telecom