Jio Platforms, the digital arm of Mukesh Ambani's Reliance Industries, is seeking to raise up to $3.2 billion in an IPO that could become India's largest, on par with Hyundai Motor India's roughly $3.3 billion offering of 2024. It is offering up to 270 million new shares at ₹1,065 to ₹1,119 each, valuing the company at about ₹10.3 trillion ($108.3 billion) at the top of the range, up from up to $65 billion in 2020.
Anchor investors bid on October 19, and public subscription runs from October 21 to October 23. Up to ₹275 billion (about $2.9 billion) of proceeds will repay debt at Reliance Jio Infocomm; the rest goes to general corporate purposes. Up to ₹25 billion is reserved for Reliance shareholders and ₹5 billion for employees.
Jio has more than 524 million subscribers and is India's largest telecom operator. In the quarter ended June, revenue rose nearly 12% to ₹391.7 billion and net profit rose 9% to ₹77.6 billion. Meta and Google invested $5.7 billion and $4.5 billion in Jio in 2020.