Meta- and Google-backed Jio Platforms to raise up to $3.2 billion in historic IPO in India
Jio's share sale will be India's largest ever in rupee terms, and second largest in dollar terms, trailing the Hyundai Motors IPO that raised $3.3 billion in 2024.
Jio Platforms, the digital arm of Reliance Industries, is seeking to raise up to $3.2 billion in an initial public offering. TechCrunch reports the company is offering up to 270 million new shares with a price band of ₹1,065 to ₹1,119 per share. The offering is scheduled to open for subscription on October 21 and close on October 23, with anchor investor bidding set for October 19.
The IPO could value the group at approximately $108.3 billion at the upper end of the price range. CNBC and CNBC World report that the sale will be India's largest ever in rupee terms. In dollar terms, the offering would be the second largest in the country, trailing the $3.3 billion Hyundai Motors IPO from 2024.
Jio Platforms previously attracted more than $20 billion from global investors in 2020, including a $5.7 billion investment from Meta and $4.5 billion from Google. TechCrunch notes that as of March 31, the company has grown to become India's largest telecom operator with more than 524 million subscribers.
Brief written by urgent.news from CNBC, CNBC World, Tech in Asia, Techmeme, TechCrunch — 5 reports on this story. Machine-written — may contain errors; check the original before relying on it.
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- Ambani’s Jio seeks to raise $3.2B in what could be India’s biggest IPO techcrunch.com
- 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) reuters.com
- Meta- and Google-backed Jio Platforms to raise up to $3.2 billion in historic IPO in India cnbc.com
- Jio Platforms set to bring India's biggest IPO on Oct 21, seeks ₹30,213 cr business-standard.com
