Ambani’s Jio seeks to raise $3.2B in what could be India’s biggest IPO
Jio Platforms, the digital arm of Reliance Industries, is preparing for India's largest-ever IPO, aiming to raise $3.2 billion. The company, which has previously secured major investments from Google and Meta, is currently valued at approximately $108.3 billion.
Why it matters
This IPO represents a significant milestone for the Indian capital markets and highlights the massive growth of the country's digital and telecom sectors.
Jio Platforms, the digital arm of Indian billionaire Mukesh Ambani’s Reliance Industries, is seeking to raise as much as $3.2 billion in what could be India’s biggest initial public offering. The listing will test public-market appetite for a company that attracted more than $20 billion from global investors, including Google and Meta in 2020.
On Wednesday, Reliance Industries said in a stock exchange filing (PDF) that Jio had set a price band of ₹1,065 to ₹1,119 (about $11.19–$11.76) per share for the offering of up to 270 million new shares (PDF). The IPO will open for subscription on October 21 and close on October 23, with bidding for anchor investors scheduled for October 19.
At the upper end of the proposed price band, the IPO would value Jio at about ₹10.3 trillion (around $108.3 billion), based on the number of shares expected to be outstanding after the offering.
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