Jio Platforms will raise up to 302 billion rupees ($3.2 billion) in an IPO opening October 21. While largest in rupee terms, it trails Hyundai's 2024 dollar raise.
Jio Platforms, the digital services arm of Reliance Industries, is seeking to raise up to 302 billion rupees ($3.2 billion) through an initial public offering (IPO). According to a filing with the Securities and Exchange Board of India, the subscription period will run from October 21 to October 23, with shares scheduled to begin trading on the National Stock Exchange and BSE on October 28.
The company has set a price band of 1,065 rupees to 1,119 rupees per share for the offering of 270 million new shares. At the upper end of this range, Jio Platforms would be valued at approximately 10.3 trillion rupees (around $108.3 billion).
This valuation is lower than previous market expectations. According to calculations by brokerage firm Nomura cited by UA.News, Jio’s enterprise value fell to $118 billion from a previously expected $133 billion. At the top end of the price range, Jio’s equity valuation of $108 billion is lower than the market capitalization of its main competitor, Bharti Airtel, which LSEG data estimates at $117.5 billion.
The share sale will be India’s largest ever in rupee terms, surpassing Hyundai Motor India’s 278.7 billion rupee offering in 2024. However, in dollar terms, it is the second largest, marginally trailing the Hyundai IPO which raised $3.3 billion in 2024 due to exchange rate differences.
Jio Platforms reported a 15% year-on-year increase in net profit to 30,053 crore rupees in FY26, while revenue rose 14.5% to about 1.47 trillion rupees. In the quarter ended June, revenue rose nearly 12% from a year earlier to 391.7 billion rupees (about $4.1 billion), and net profit climbed 9% to 77.6 billion rupees (around $816 million), according to its IPO prospectus.
Reliance Industries holds a 66.43% stake in Jio Platforms. Meta Platforms owns 9.98% through affiliate Jaadhu Holdings LLC, and Google International LLC holds 7.73%. Neither Meta nor Google will sell their stake in the company, according to the IPO papers.
Jio plans to use up to 275 billion rupees ($2.9 billion) of the IPO proceeds to repay debt at its telecom subsidiary, Reliance Jio Infocomm. The remaining proceeds will go toward general corporate purposes. The company has also reserved shares worth up to 25 billion rupees for eligible Reliance Industries shareholders and 5 billion rupees for employees, who will receive a discount of 54 rupees per share.
Jio is India’s largest telecom operator, with 508.43 million wireless mobile subscribers at the end of August, according to data from the country's telecom regulator. Bharti Airtel followed with 491.60 million subscribers.
The listing occurs amid a challenging market environment. The benchmark Nifty 50 index fell for an eighth consecutive week in the week ended October 1, marking its longest losing streak in 25 years. The index has declined more than 13% so far this year, influenced by geopolitical tensions and trade concerns.
Deven Choksey, managing director of DRChoksey Finserv, told CNBC that while Jio positions itself as a tech company, it remains primarily a telecom operator earning revenue from selling internet data. "Jio Platforms, at its core, is a telecom company," Choksey said.
This IPO represents a significant test of public-market appetite for Indian tech and telecom stocks, particularly given the reduced valuation compared to private market estimates. The listing highlights the scale of Jio’s subscriber base and its financial turnaround, while also underscoring the competitive pressure from Bharti Airtel and the broader economic headwinds facing Indian equity markets.
Sources
This article was drafted with AI assistance and checked against the sources above. Company claims are reported as claims. Cover image is AI-generated.
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