Jio Platforms, the digital business of Reliance Industries, plans to raise up to $3.2 billion through an initial public offering that could become India's largest to date. The offering is scheduled to open on October 21 and close on October 23, with anchor investor bidding set for October 19.
Reliance Industries has set a price band of ₹1,065 to ₹1,119 per share, with up to 270 million new shares on offer. At the upper end of the range, Jio's estimated post-IPO valuation would be about ₹10.3 trillion, or $108.3 billion.
The offering would surpass Hyundai Motor India's 2024 listing, currently the country's biggest, even if Jio shares are priced at the lower end of the proposed range. Jio previously attracted major global investment, including commitments from Google and Meta in 2020.
Since launching in 2016, Jio has grown into India's largest telecom operator, serving more than 524 million subscribers as of March 31. Its business has also expanded into broadband, cloud services and other digital offerings. In the quarter ended June, revenue rose nearly 12% year over year to ₹391.7 billion, while net profit increased 9% to ₹77.6 billion.
Jio plans to use up to ₹275 billion of the proceeds to repay debt at its telecom subsidiary, Reliance Jio Infocomm, with the remainder allocated to general corporate purposes. The listing could bring fresh public-market attention to India's fast-growing digital economy and help shape the next phase of connectivity-led services.
