Jio Targets $3.2 Billion IPO in India’s Largest-Ever Public Offering

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Jio Platforms, part of Mukesh Ambani’s Reliance Industries, aims to raise up to $3.2 billion in an IPO that could value the company at over $108 billion, marking India's biggest initial public offering.

Jio Platforms, the digital subsidiary of Reliance Industries led by billionaire Mukesh Ambani, is seeking to raise as much as $3.2 billion through an initial public offering (IPO), which could become the largest in India's history. The company has set the IPO price band between ₹1,065 and ₹1,119 (approximately $11.19 to $11.76) per share, offering up to 270 million new shares. This pricing would value Jio at roughly ₹10.3 trillion (about $108.3 billion) based on post-offering share volume.

This planned IPO significantly surpasses the previous record held by Hyundai Motor India's $3.3 billion offering in 2024. Jio's valuation has more than doubled since 2020, when it was worth about $65 billion, a period that saw major investments from Google and Meta totaling over $10 billion.

Since its debut in 2016, Jio has grown to become India's leading telecom operator, boasting over 524 million subscribers as of March 31, outpacing competitors like Bharti Airtel and Vodafone Idea. Initially gaining market share through free data and affordable plans, Jio has since aligned its pricing with competitors and expanded beyond telecom into broadband, cloud services, and various digital ventures.

The IPO proceeds will be largely applied to debt repayment, with up to ₹275 billion (approximately $2.9 billion) earmarked for reducing debt at Reliance Jio Infocomm, Jio's telecom arm. The remainder will support general corporate purposes. Additionally, Jio is reserving shares equivalent to ₹25 billion ($263 million) for eligible Reliance Industries shareholders, and ₹5 billion ($53 million) for employees who will receive a discount on share price.

This public offering comes amid some high-profile disputes, most notably with Elon Musk, who has accused Ambani of efforts to hinder Starlink's satellite internet entry into India, despite prior agreements for distribution partnerships subject to regulatory approvals. Indian regulators have dismissed Musk’s claims.

Jio's recent financials reflect steady growth, with revenues climbing nearly 12% year-over-year to ₹391.7 billion ($4.1 billion) and net profits increasing by 9% to ₹77.6 billion ($816 million) in the quarter ending June. The IPO subscription window opens October 21 and closes October 23, with anchor investor bidding slated for October 19. How the market will respond to this landmark offering remains to be seen, especially given the company's rapid expansion across digital services.