India's Jio Platforms targets $106 billion valuation in IPO, sources say
Indian billionaire Mukesh Ambani’s Jio Platforms is targeting a valuation of 10.3 trillion rupees ($106 billion) in what would be the country’s biggest listing, four bankers on the deal said on Friday. Jio Platforms, which counts Meta and Google among its major foreign investors, is set to price its shares at 1,065 to 1,119 rupees apiece, the sources told Reuters. The IPO would raise about 302…
Indian telecommunications giant Jio Platforms is aiming for a valuation of 10.3 trillion rupees ($106 billion) in what would be the largest initial public offering in the country's history, according to sources. The company, which is majority-owned by billionaire Mukesh Ambani, is set to price its shares between 1,065 and 1,119 rupees each.
Jio Platforms, which has attracted significant foreign investment from Meta and Google, plans to raise approximately 302 billion rupees ($3.1 billion) during the IPO, putting it ahead of Hyundai Motor India's 2024 offering of $2.9 billion. The bank sources, who are not authorized to speak to the media, declined to be named. Reliance did not respond to a request for comment from Reuters.
The IPO follows the recent listing of the National Stock Exchange of India in September, highlighting investor interest in large offerings within the Indian market. Year-to-date, IPO proceeds in India have increased by 8.3% to $12.65 billion compared to the same period last year, according to LSEG data. Reliance Jio is targeting a 2.5% public offering in 2026 as part of its broader strategy.
A successful listing would position Jio Platforms among the top four Indian-listed companies by market capitalization, trailing parent Reliance Industries, rival Bharti Airtel, and the country's largest private lender HDFC Bank.
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