Jio Platforms, the digital arm of Mukesh Ambani's Reliance Industries, wants to raise up to $3.2 billion in what would be India's largest IPO. Reliance set a price band of ₹1,065 to ₹1,119 (about $11.19 to $11.76) for up to 270 million new shares. Anchor investors bid October 19, and the offer is open to everyone else October 21 through 23.
At the top of the range Jio would be worth about ₹10.3 trillion, or roughly $108.3 billion. That's a big step up from 2020, when Meta put in $5.7 billion and Google committed $4.5 billion at a valuation of up to about $65 billion. Even priced at the low end, it tops Hyundai Motor India's $3.3 billion listing from 2024.
Jio is India's biggest carrier, with more than 524 million subscribers as of March 31. Revenue rose nearly 12% to about $4.1 billion in the June quarter, and net profit climbed 9% to around $816 million. Most of the money, up to ₹275 billion (about $2.9 billion), goes to paying down debt at Reliance Jio Infocomm.
The listing also lands while Elon Musk is publicly accusing Ambani of trying to keep Starlink out of India, even though Jio signed a deal to distribute Starlink last year. Indian authorities have rejected Musk's claims.
— via TechCrunch