Jio Platforms

Telecom · IPO · India

IPO

Jio Platforms reportedly plans $3.8B IPO, India's largest ever

The offering would value the telecom-to-AI conglomerate at nearly triple what Meta and Google paid for stakes in 2020.

• Jio Platforms, the digital arm of Reliance Industries, is preparing to open its IPO on October 21-23, aiming to raise about $3.8 billion ahead of a listing targeted for October 28.
• Jio Platforms runs Reliance Jio's telecom network of roughly 506 million mobile customers alongside AI, cloud and enterprise businesses, with Meta and Google among its major foreign investors.
• The IPO is structured as a fresh issue of up to 27 crore shares with no offer for sale, and proceeds will largely repay debt owed by telecom subsidiary Reliance Jio Infocomm.
• At the proposed size, Jio would overtake Hyundai Motor India's $2.9 billion 2024 IPO and the National Stock Exchange's $2.3 billion debut to become India's biggest listing ever.
• Jio Platforms is expected to seek an enterprise valuation of $143-146 billion based on feedback from overseas roadshows, with final IPO papers due to be filed with SEBI around October 12.
• Roadshows across the US, UK, Dubai, Hong Kong and Singapore were led by Jio chairman Akash Ambani and Reliance Retail executive director Isha Ambani, marking Reliance's first IPO since 2008.
• A deal this size would be a landmark test of how much global capital India's markets can absorb, arriving amid a record pipeline of nearly 250 companies seeking IPOs this year.