Jio Platforms Ltd., the digital services arm of Reliance Industries, is said to have attracted more than $20 billion in bids for what could be India’s biggest-ever initial public offering (IPO), Bloomberg reported, citing people familiar with the matter.
Domestic investors, along with global firms Fidelity, Allianz, and Capital Group, have reportedly expressed strong interest in the issue.
A final list of IPO anchor investors will likely be decided in the coming days, the report said, quoting the same people. The process is ongoing, and no final decisions have been made yet.
After earlier expectations put its valuation as high as $170 billion, Jio Platforms is now aiming for a valuation of up to ₹10.3 trillion ($108 billion) in the IPO, people familiar with the matter have said.
In June, domestic brokerage Motilal Oswal Financial Services estimated Jio Platforms’ valuation at between $115 billion and $118 billion, while Dolat Capital valued the company at about $110 billion.