Inside India newsletter: Billionaire Ambani’s mega-IPO faces a valuation reality check amid Musk spat
Jio Platforms, the company at the center of Musk’s remarks, is launching an IPO later this month.
Jio Platforms, the digital platform of Mukesh Ambani's Reliance Industries, is set to launch the largest IPO in India on October 21, according to a company filing. The IPO is expected to raise approximately $3.2 billion at the higher end of the price range, which is between 1,065 and 1,119 rupees per share. If successfully executed, this would value the company at an incredible 10.3 trillion rupees, or $108.25 billion.
The telecom giant has multiple revenue streams, including telecom services, cloud computing, entertainment and AI services. The company plans to offer 270 million shares in this IPO, which will open on October 18 and close on October 20. Bidding for anchor investors will happen on October 17. Reliance Jio Infocomm, which was launched in 2016, has disrupted the Indian telecom industry by providing free voice and data plans, providing access to platforms like YouTube and Facebook to millions of Indians for the first time.
This led to a significant shift in the market, with Reliance Jio Infocomm now holding a 60% share of India's data traffic, with 524 million subscribers. In 2020, the company raised over $20.5 billion from 13 global investors, purchasing a 33% stake in the company, which valued Jio Platforms between $57 billion and $65 billion.
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