Jio Platforms Sets Terms for India’s Potential $3.2 Billion IPO

Jio Platforms plans to raise as much as $3.2 billion in an offering that would set a record for India if completed, with most proceeds designated to repay debt at its telecom subsidiary.

The Reliance Industries unit plans to sell up to 270 million new shares at ₹1,065 to ₹1,119 each. The IPO is scheduled to open Oct. 21 and close Oct. 23, with anchor investor bidding set for Oct. 19.

At the top of the price range, Jio would have a valuation of about $108.3 billion, based on its expected share count after the offering.

Jio plans to use up to $2.9 billion to repay debt at Reliance Jio Infocomm. It has designated the remaining proceeds for general corporate purposes.

Even at the bottom of the price range, the offering would surpass Hyundai Motor India’s 278.7 billion-rupee IPO in 2024, currently the largest in India.

Jio, Reliance Industries’ digital arm, has expanded from telecom into broadband, cloud services and other digital businesses. It had more than 524 million subscribers as of March 31.