Jio Platforms IPO Aims for Record $3.6 Billion Raise at $124 Billion Valuation
Jio Platforms is set to launch its Initial Public Offering next week, aiming to raise up to $3.6 billion. The offering values the telecom giant at $124 billion.
Telecom firm Jio Platforms has announced its intention to raise approximately 302 billion rupees (around $3.6 billion) through its upcoming Initial Public Offering (IPO), scheduled to open next week. The company has set a price band of 1,065 to 1,119 rupees per share.
At the upper end of the price band, the IPO values Jio Platforms at an estimated 10.3 trillion rupees (approximately $124 billion). If successful, this offering would become the largest IPO in India's history, surpassing Hyundai Motor India's 278.7 billion rupee ($3.3 billion) offering earlier this year.
The company plans to utilize the capital raised primarily for debt repayment. Approximately 275 billion rupees ($3.3 billion) are earmarked for the prepayment of certain outstanding borrowings by its subsidiary, Reliance Jio Infocomm. The remaining 27.1 billion rupees ($326 million) will be allocated for general corporate purposes, potentially funding strategic initiatives and capital expenditures.
This IPO does not include an offer for sale component, meaning existing shareholders will not be divesting stakes. Reliance Industries currently holds a 66.43% stake in Jio Platforms, with Meta and Google owning 9.98% and 7.73% respectively.