Jio Platforms, the digital division of Indian billionaire Mukesh Ambani’s Reliance Industries, is seeking to raise as much as $3.2 billion in an initial public offering (IPO). This offering could potentially become India’s largest.
Reliance Industries announced in a stock exchange filing on Wednesday that Jio has set a price band of ₹1,065 to ₹1,119 (approximately $11.19–$11.76) per share for the offering of up to 270 million new shares. The IPO will open for subscription on October 21 and close on October 23, with anchor investor bidding set for October 19.
At the upper end of the proposed price band, the IPO would value Jio at approximately ₹10.3 trillion (around $108.3 billion). The offering is set to surpass Hyundai Motor India’s 2024 offering, which was previously the country’s largest, even if Jio's shares are priced at the lower end of the range.
Jio intends to use up to ₹275 billion ($2.9 billion) of the IPO proceeds to repay debt at its telecom subsidiary, Reliance Jio Infocomm. The remaining proceeds are allocated for general corporate purposes.
Jio has grown to become India’s largest telecom operator since its launch in 2016, with over 524 million subscribers as of March 31. Beyond telecom, Jio has expanded into broadband, cloud services, and other digital businesses.