Jio Platforms aims to raise $3.2 billion in India's largest 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 (IPO). This listing will test the public-market appetite for a company that attracted over $20 billion from global investors, including Google and Meta, in 2020.

On October 18, Reliance Industries announced in a stock exchange filing that Jio had 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 bidding for anchor investors scheduled for October 19.

At the upper end of the proposed price band, the IPO would value Jio at about ₹10.3 trillion (around $108.3 billion), based on the number of shares expected to be outstanding after the offering. In 2020, Jio was valued at up to ₹4.91 trillion (about $65 billion at that time).