Meta- and Google-backed Jio Platforms, India's largest telecom operator, is looking to raise up to 302 billion rupees ($3.2 billion) through an initial public offering of shares.
Jio Platforms will sell 270 million shares in IPO priced between 1,065 rupees and 1,119 rupees apiece, from Oct. 21 to Oct. 23. Reliance Industries, the parent company of the telecom operator, said in an exchange filing.
The share sale will be India's largest ever in rupee terms, but the second largest in dollar terms, marginally trailing the Hyundai Motors IPO that raised $3.3 billion in 2024. As per estimates provided by Indian market intelligence firm Prime Database, Jio was expected to raise around 377 billion rupees through its IPO.
At the top end of the price range, Jio Platforms is valued at around $108 billion, much lower than previously expected. While Jio Platforms has been positioning itself as a tech company and not just a traditional utility provider, investors seem unconvinced.
Jio Platforms, at its core, is a telecom company, Deven Choksey, managing director of Mumbai-based DRChoksey Finserv, told CNBC.