Digital services major Jio Platforms is expected to be listed by the end of this month at an enterprise valuation of $143-146 billion (over ₹12 trillion), according to sources tracking the development. The Jio Platforms IPO is anticipated to be India's largest public offering, estimated at $3.8 billion.

Key Developments

The company has completed overseas roadshows and is expected to file final papers with the market regulator SEBI for the initial public offering in the week starting October 12. A banking source stated:

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"Based on interest received from overseas roadshows, Jio Platforms is likely to list at a base enterprise valuation of $143-146 billion or at least ₹12 trillion by the end of this month."

An email sent to Jio Platforms seeking comments did not receive a response. The overseas roadshows were conducted in the US, UK, Dubai, Hong Kong, and Singapore, led by Akash Ambani, Managing Director of Jio Platforms, and Isha Ambani, Executive Director of Reliance Retail Ventures Limited.

Upcoming Plans

Jio Platforms is expected to hold a roadshow for the IPO in India during the week starting October 12 after filing the red herring prospectus. According to banking sources, the company plans to initiate an anchor round before Dussehra, with the issue expected to open post-Dussehra, likely before October 23. The source added:

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"The company is expected to list on the stock exchange by the end of this month."

The Securities and Exchange Board of India (SEBI) issued its final observations on August 28. Jio Platforms had filed its draft IPO papers in June. According to its draft prospectus, the company plans to issue up to 27 crore fresh equity shares, which is about 2.9% of its post-issue equity base. Sources indicate that the company may raise around $3.8 billion from the offering.