Key facts
- Jio Platforms is seeking to raise as much as $3.2 billion in its IPO.
- The IPO could be India's largest, surpassing Hyundai Motor India's $3.3 billion offering.
- The price band is set at ₹1,065 to ₹1,119 per share.
- At the upper price band, Jio would be valued at about $108.3 billion.
- Jio's revenue rose nearly 12% to $4.1 billion in the quarter ended June.
- Net profit climbed 9% to $816 million in the same quarter.
Jio Platforms, the digital division of Indian conglomerate Reliance Industries, is preparing for an initial public offering that could become the largest in India's history, aiming to raise up to $3.2 billion. The company has set a price band of ₹1,065 to ₹1,119 per share, with the IPO opening for subscription on October 21 and closing on October 23. Anchor investor bidding is scheduled for October 19. At the highest end of the price range, Jio would be valued at approximately $108.3 billion. This valuation significantly surpasses its 2020 valuation of around $65 billion, when it attracted investments from Google and Meta. Jio, which has grown to become India's largest telecom operator with over 524 million subscribers, plans to use the IPO proceeds primarily to repay debt at its telecom subsidiary, Reliance Jio Infocomm.