Jio Platforms, the digital arm of Mukesh Ambani's Reliance Industries, is seeking to raise up to $3.2 billion in what would be India's largest initial public offering to date. The company has set a price band of ₹1,065 to ₹1,119 (about $11.19 to $11.76) per share for up to 270 million new shares, according to a stock exchange filing reported by TechCrunch.
At the top of that range, the IPO would value Jio at roughly ₹10.3 trillion, or about $108.3 billion. The offering opens for subscription on October 21 and closes on October 23, with anchor investor bidding scheduled for October 19, according to Reuters.
Jio Platforms IPO details and valuation
Jio has grown far beyond its telecom roots since launching in 2016. As of March 31, it counted more than 524 million subscribers, making it India's largest telecom operator ahead of Bharti Airtel, Vodafone Idea and state-owned BSNL. It initially attracted users with free data and cheap plans, though its prices are now comparable to those of its rivals.
In the quarter ended June, Jio's 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), per its IPO prospectus. The company has also expanded into broadband, cloud services and other digital businesses.
- Price band: ₹1,065 to ₹1,119 (about $11.19 to $11.76) per share
- Offer size: up to 270 million new shares, raising up to $3.2 billion
- Valuation at upper band: about ₹10.3 trillion ($108.3 billion)
- Subscription window: October 21 to October 23; anchor bidding October 19
