● Covered by 1 source · 2 reportsMedium impact1 neutral1 positive
Jio Platforms seeks to raise $3.2B in India's largest IPO
Key points
- Jio Platforms aims to raise up to $3.2 billion in an IPO.
- Price band set at ₹1,065 to ₹1,119 per share for 270 million shares.
- IPO opens October 21, closes October 23; anchor bidding October 19.
- Valuation could reach $108.3 billion at the upper price band.
- Jio shares surged 21% in its stock market debut.
- Jio's IPO attracted over $77 billion in investor bids.
- Jio's market debut valued it at approximately $131.9 billion.
- Jio is India’s second-most valuable listed company.
- Jio's IPO was India’s largest and most subscribed.
- Jio's shares opened at ₹1,358 apiece.
- Jio's IPO ran from October 21 to 22.
- Jio's offering drew bids for 22.19 times the shares on sale.
- More than 13.8 million people applied for Jio's IPO.
- Jio entered the Indian telecom market in 2016.
Jio Platforms Announces IPO Details
Jio Platforms, the digital division of Reliance Industries, is seeking to raise up to $3.2 billion through an initial public offering. This offering could become India's largest IPO to date, surpassing Hyundai Motor India's 2024 offering.
Reliance Industries announced 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 on October 19.
Valuation and Investor Interest
At the upper end of the proposed price band, the IPO would value Jio Platforms at approximately ₹10.3 trillion (around $108.3 billion). In 2020, Jio was valued at about ₹4.91 trillion ($65 billion at the time), attracting significant investments from global firms including Meta ($5.7 billion) and Google ($4.5 billion).
Company Growth and Market Position
Since its launch in 2016, Jio has become India's largest telecom operator, reporting over 524 million subscribers as of March 31. The company initially gained market share with free data and low-cost plans and has since expanded into broadband, cloud services, and other digital businesses.
Financial Performance and Shareholder Benefits
For the quarter ending June, Jio's revenue increased by nearly 12% year-over-year to ₹391.7 billion (about $4.1 billion), and its net profit rose 9% to ₹77.6 billion (around $816 million). The company has reserved shares worth up to ₹25 billion (about $263 million) for eligible Reliance Industries shareholders and ₹5 billion ($53 million) for employees, who will receive a discount of ₹54 per share.
Updates
- Jio shares surged 21% in its stock market debut.
- Jio's IPO attracted over $77 billion in investor bids.
- Jio's market debut valued it at approximately $131.9 billion.
- Jio is India’s second-most valuable listed company.
- Jio's IPO was India’s largest and most subscribed.
- Jio's shares opened at ₹1,358 apiece.
- Jio's IPO ran from October 21 to 22.
- Jio's offering drew bids for 22.19 times the shares on sale.
- More than 13.8 million people applied for Jio's IPO.
- Jio entered the Indian telecom market in 2016.
✨ This summary was generated by AI from the outlets' reporting listed below. It is not independently verified and may contain errors — check the original sources. How BrevFeed works →
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How outlets covered it
Jio Platforms, an Indian telecom and digital services unit, saw its shares surge 21% in its stock market debut after raising $3.2 billion in India’s largest and most subscribed IPO. The offering attracted over $77 billion in investor bids, valuing Jio at approximately $131.9 billion.
Jio Platforms, the digital arm of Reliance Industries, plans to raise up to $3.2 billion through an initial public offering, potentially becoming India's largest IPO. The offering will test public market interest in Jio, which previously attracted over $20 billion from investors like Google and Meta.