Ambani's Jio seeks to raise $3.2B in what could be India's biggest IPO
Jio Platforms, the digital arm of Mukesh Ambani's Reliance Industries, is seeking to raise as much as $3.2 billion in what could be India's largest initial public offering. The company set a price band of ₹1,065–₹1,119 (about $11.19–$11.76) per share for up to 270 million new shares, with bidding for anchor investors on October 19 and subscription open October 21–23. At the top of the range, Jio would be valued at about ₹10.3 trillion, or $108.3 billion — up sharply from its ₹4.91 trillion valuation in 2020, when Meta invested $5.7 billion and Google $4.5 billion. Even at the low end, the offering would surpass Hyundai Motor India's 2024 IPO as India's biggest. Jio plans to use most of the proceeds to repay debt as it expands beyond telecom.
Continue in the app — vote & join in ➔