Meta- and Google-backed Jio Platforms to raise up to $3.2 billion in historic IPO in India

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 has set a price band of ₹1,065 to ₹1,119 per share for the offering of up to 270 million new shares. The IPO is scheduled to open for subscription on October 21 and close on October 23, with anchor investor bidding set for October 19.

The offering could value the company at approximately $108.3 billion at the upper end of the price range. CNBC and CNBC World state that the sale will be India's largest ever in rupee terms and the second largest in dollar terms, following the $3.3 billion Hyundai Motors IPO in 2024. Techmeme reports the deal would value the group at as much as $108.3 billion.

Jio Platforms 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. According to TechCrunch, the company has grown into India's largest telecom operator, maintaining more than 524 million subscribers as of March 31.

Brief written by urgent.news from CNBC World, CNBC, Tech in Asia, Techmeme, TechCrunch — 5 reports on this story. Machine-written — may contain errors; check the original before relying on it.