Jio Platforms Targets $3.2 Billion IPO
India-based Jio Platforms, the digital arm of Reliance Industries, plans to raise up to $3.2 billion in an initial public offering. The IPO is set to open on October 21 and aims to surpass Hyundai Motor India's previous record.
Jio Platforms, the digital division of Reliance Industries, has announced plans for an initial public offering (IPO) with the aim of raising as much as $3.2 billion. The offering is scheduled to commence on October 21 and conclude on October 23. The company has set a price range of 1,065 to 1,119 Indian rupees per share, equivalent to approximately $11 to $12.
At the upper end of this price range, Jio Platforms would achieve a valuation of roughly 10.3 trillion Indian rupees, or about $108 billion. This figure is poised to exceed the current record for India's largest IPO, held by Hyundai Motor India's $2.93 billion offering in 2024.
As of March 31, Jio, which holds the position of India's largest telecom operator, reported a subscriber base exceeding 524 million. For the quarter ending in June, the company's revenue reached 391.7 billion Indian rupees, approximately $4.12 billion, according to its filings.
Proceeds from the IPO are designated for specific purposes. Jio intends to allocate up to 275 billion Indian rupees ($2.89 billion) towards repaying debt within its telecom subsidiary, Reliance Jio Infocomm. The remaining funds will be utilized for general corporate activities.