Key Takeaways
- Jio Platforms aims to raise up to $3.2 billion through its IPO.
- The offering could value the company at approximately $108.3 billion.
- Jio plans to use most IPO proceeds to repay telecom subsidiary debt.
The Jio Platforms IPO aims to raise up to $3.2 billion through an initial public offering, potentially making it India’s largest stock market listing. The digital arm of Reliance Industries will test investor demand for a company that has attracted more than $20 billion from global investors, including Google and Meta. The offering will test investor demand for the company, which has attracted more than $20 billion from global investors, including Google and Meta.
Jio platforms IPO details and company valuation
The Jio Platforms IPO price band has been set at ₹1,065 to ₹1,119 per share, according to Reliance Industries. The company plans to offer up to 270 million new shares. The company plans to offer up to 270 million new shares. Subscription will open on October 21 and close on October 23, while bidding for anchor investors is scheduled for October 19.
At the upper end of the price band, Jio Platforms could reach a valuation of approximately ₹10.3 trillion, or $108.3 billion, based on its expected share count after the offering.
The IPO would surpass Hyundai Motor India’s ₹278.7 billion offering in 2024, which raised about $3.3 billion at the time. Hyundai’s listing currently holds the record for India’s largest IPO.
Jio’s proposed valuation also marks a significant increase from its 2020 valuation of up to ₹4.91 trillion, or about $65 billion at the time. During that year, Meta invested $5.7 billion in the company, while Google committed $4.5 billion. Other global investors also participated in funding rounds that brought Jio more than $20 billion.
The offering includes allocations for existing Reliance Industries shareholders and employees. Eligible Reliance shareholders have been allocated shares worth up to ₹25 billion, or about $263 million. Another ₹5 billion, or around $53 million, has been reserved for employees, who will receive a discount of ₹54 per share.
Jio platforms IPO: financial performance and use of funds
Since launching in 2016, Jio has become India’s largest telecom operator. It had more than 524 million subscribers as of March 31, ahead of Bharti Airtel, Vodafone Idea, and state-owned BSNL.
The company initially attracted customers through free data and low-cost plans. It has since expanded beyond mobile services into broadband, cloud services, and other digital businesses. This broader business portfolio forms part of its position in India’s digital services market.
Jio’s latest financial results show continued revenue and profit growth. In the quarter ended June, revenue increased nearly 12% year on year to ₹391.7 billion, or about $4.1 billion. Net profit rose 9% to ₹77.6 billion, equivalent to approximately $816 million.
The company plans to direct a large share of its IPO proceeds toward reducing debt. According to its prospectus, Jio intends to use up to ₹275 billion, or around $2.9 billion, to repay debt at its telecom subsidiary, Reliance Jio Infocomm. The remaining proceeds will support general corporate purposes.
The planned listing comes as Jio continues to expand its digital services and compete in India’s telecom market. Its IPO will give public market investors an opportunity to buy shares in a business that has grown substantially since its launch. The final amount raised will depend on the offering price and investor demand during the subscription period.
