Jio Platforms, the digital division of Reliance Industries, has announced plans for an initial public offering aiming to raise up to $3.2 billion. The company has set a price range of ₹1,065 to ₹1,119 per share for the issuance of up to 270 million new shares. Subscription for the offering will open on October 21 and conclude on October 23, with anchor investor bidding scheduled for October 19.
At the upper end of the price band, the company is valued at approximately ₹10.3 trillion, or about $108.3 billion. This valuation marks a significant increase from 2020, when the company was valued at up to ₹4.91 trillion. Historically, the firm secured over $20 billion in investments from global entities, including $5.7 billion from Meta and $4.5 billion from Google.
The IPO is expected to become the largest in India, surpassing the ₹278.7 billion offering by Hyundai Motor India in 2024. Jio intends to allocate up to ₹275 billion from the proceeds to settle debt at its subsidiary, Reliance Jio Infocomm. The remaining funds are designated for general corporate purposes. Additionally, shares worth ₹25 billion are reserved for existing shareholders.
Employees are eligible for a discount of ₹54 per share, with a total allocation of ₹5 billion set aside for them. Financial results for the quarter ending in June show a revenue of ₹391.7 billion, representing a 12% year-over-year increase, and a net profit of ₹77.6 billion, which is a 9% rise compared to the previous year.
