Jio Platforms, the digital arm of Mukesh Ambani's Reliance Industries, has set a price band for an initial public offering that could raise as much as $3.2 billion and become India's largest ever. The offering comprises up to 270 million new shares priced at ₹1,065 to ₹1,119 each, with subscription opening on October 21 and closing on October 23. Bidding for anchor investors is scheduled for October 19.
At the upper end of the range, the IPO would value Jio at about ₹10.3 trillion, or roughly $108.3 billion, a sharp increase from the approximately $65 billion valuation it commanded in 2020 when it attracted more than $20 billion from global investors including Meta and Google. The listing would surpass Hyundai Motor India's ₹278.7 billion ($3.3 billion) offering in 2024 as the country's biggest to date.
Jio has grown into India's largest telecom operator, with more than 524 million subscribers as of March 31, and has expanded into broadband, cloud, and other digital services. In the quarter ended June, revenue rose nearly 12% year over year to ₹391.7 billion (about $4.1 billion), while net profit climbed 9% to ₹77.6 billion (around $816 million), according to its IPO prospectus.
The company plans to use up to ₹275 billion ($2.9 billion) of the proceeds to repay debt at its telecom subsidiary, with the remainder going toward general corporate purposes. It has also reserved shares worth up to ₹25 billion for eligible Reliance Industries shareholders and ₹5 billion for employees, who will receive a discount of ₹54 per share.