Jio Platforms, a telecommunications subsidiary of Reliance Industries led by Akash Ambani, is conducting India’s largest initial public offering. The company is seeking to raise up to 302 billion rupees with a target valuation of 10.3 trillion rupees when shares begin trading from Wednesday.
The IPO attracted 212 anchor investors on Monday, including major global asset managers such as BlackRock, Fidelity Investments, JP Morgan Asset Management, and Singapore’s sovereign wealth fund. Shares are priced between 1,065 and 1,119 rupees per share, with the offering comprising up to 270 million new shares. Retail investors gain access to the shares on Wednesday, with the IPO scheduled to close on Friday.
At the upper end of the price range, Jio would rank as India’s fourth-largest company by valuation, behind parent company Reliance Industries, Bharti Airtel, and HDFC Bank. The valuation represents more than double the 4.9 trillion rupee assessment from 2020, when Meta and Google made their investments. However, current expectations fall significantly short of earlier projections exceeding £110 billion mentioned in summer filings.
The launch occurs amid a challenging period for Indian equities, with the Nifty 50 index declining more than 12% during the year. Jio, which began telecoms operations in September 2016, rapidly expanded to 100 million subscribers within 170 days and is credited with reducing mobile internet costs through competitive pricing. The company plans to expand into artificial intelligence, cloud computing, and digital infrastructure sectors.
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