Jio Platforms, a telecoms company backed by Meta Platforms and Google, is launching what could be India’s biggest-ever initial public offering (IPO). The Mumbai-based firm is hoping to raise up to 302bn rupees (£2.4bn) and is targeting a 10.3tn rupees (£81bn) valuation when it floats on the stock market from Wednesday.
The company, a subsidiary of Mukesh Ambani’s Reliance Industries, secured 212 anchor investors on Monday, including major fund managers such as BlackRock and Fidelity Investments. Shares will be offered to retail investors on Wednesday, and the IPO is set to close on Friday.
Reliance Industries previously stated that Jio had set a price range of 1,065 rupees to 1,119 rupees a share for its maiden share sale, offering up to 270m new shares. The conglomerate has encouraged its more than 400,000 employees to buy shares, offering them a discount of 54 rupees per share.
At the top end of its price range, Jio would be valued at 10.3tn rupees, making it India’s fourth-largest company. This valuation is, however, below initial expectations of over £110bn when a draft prospectus was posted in the summer, and comes amid a broader stock market slowdown in India.