Jio Platforms seeks to raise up to $3.2B in India's largest IPO, which would value it at as much as $108.3B; the offering opens October 21 and closes October 23 (Reuters)

Jio Platforms, the digital arm of Reliance Industries, is seeking to raise up to $3.2 billion in an initial public offering that could become India's largest to date. According to TechCrunch, the company has set a price band of ₹1,065 to ₹1,119 per share for the offering of up to 270 million new shares. At the upper end of this price range, the IPO would value the group at approximately $108.3 billion.

The offering is scheduled to open for subscription on October 21 and close on October 23, with anchor investor bidding set for October 19, as reported by both Reuters and TechCrunch. If successful, the IPO is expected to surpass the ₹278.7 billion offering by Hyundai Motor India in 2024.

TechCrunch notes that the company previously attracted more than $20 billion from global investors in 2020, including a $5.7 billion investment from Meta and a $4.5 billion commitment from Google. Since its launch in 2016, Jio has become India's largest telecom operator, reporting more than 524 million subscribers as of March 31.

Brief written by urgent.news from Techmeme, TechCrunch — 2 reports on this story. Machine-written — may contain errors; check the original before relying on it.