Jio Platforms sets IPO price band, with offer poised to be India’s largest
Reliance Industries set a 1,065–1,119 rupee price range for Jio Platforms shares, with subscriptions scheduled for October 21–23. The offer could raise nearly $3.2 billion.
Jio Platforms set a price band of 1,065–1,119 rupees a share in a Reliance Industries stock exchange filing on October 14, with subscriptions scheduled for October 21–23 in India. The offering could raise nearly $3.2 billion and become the country’s largest IPO, according to CNBC and TechCrunch.
The offer covers up to 270 million new shares. CNBC put potential proceeds at up to 302 billion rupees. TechCrunch estimated that the top of the price range would value Jio at about 10.3 trillion rupees, or $108.3 billion. It said that even the low end would exceed Hyundai Motor India’s 278.7-billion-rupee IPO in 2024, the previous Indian record.
How Jio’s IPO valuation compares
CNBC said the roughly $108 billion top-end valuation is below figures of more than $130 billion floated a year earlier. It also cited a $118 billion enterprise valuation estimate attributed to Nomura through a Bloomberg report. Those figures use different valuation measures, so they do not by themselves establish the scale of any change in investor demand.
Jio is India’s largest telecom operator, with more than 524 million subscribers as of March 31, TechCrunch reported. Citing the IPO prospectus, it said revenue for the quarter ended in June rose nearly 12% from a year earlier to 391.7 billion rupees, while net profit rose 9% to 77.6 billion rupees. CNBC reported monthly average revenue per user of 214 rupees for Jio, compared with 257 rupees for Airtel mobile customers.
Debt repayment and the October subscription window
According to TechCrunch, Jio plans to use up to 275 billion rupees of IPO proceeds to repay debt at its telecom subsidiary, Reliance Jio Infocomm, with the rest allocated to general corporate purposes. Meta invested $5.7 billion in Jio in 2020 and Google committed $4.5 billion; TechCrunch said both still hold stakes.
Counterpoint Research partner Neil Shah told CNBC that debt reduction could also support Jio’s next growth phase, including green AI infrastructure and a low-Earth-orbit satellite network. Anurag Singh of Ansid Capital offered a more cautious assessment to CNBC, saying Jio would need substantial investment to develop the product expertise of a technology company. These are the analysts’ views of its prospects.
Anchor-investor bidding is scheduled for October 19, before the public subscription period opens on October 21 and closes on October 23, TechCrunch reported.
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Sources and context
- Inside India newsletter: Billionaire Ambani’s mega-IPO faces a valuation reality check amid Musk spatCNBC
- Ambani’s Jio seeks to raise $3.2B in what could be India’s biggest IPOTechCrunch
AI-assisted article checked against the listed sources. NewsJaws did not conduct interviews or attend the reported events.
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