Jio Platforms, India’s largest telecom operator backed by Meta and Google, aims to raise up to 302 billion rupees ($3.2 billion) through an initial public offering.
Jio Platforms plans to sell 270 million shares in an IPO from October 21 to October 23 at prices between Rs 1,065 and Rs 1,119 a share, the telco’s parent company Reliance Industries said in an exchange filing.
The stock sale is the largest in Indian history in rupee terms, but the second-largest in dollar terms, just behind Hyundai’s IPO, which raised $3.3 billion in 2024. Jio is expected to raise around Rs 3,770 crore through the IPO, according to estimates provided by Indian market intelligence firm Prime Database.
At the high end of the price spectrum, Jio Platforms is valued at about $108 billion, much lower than previously expected. Jio Platforms is positioning itself as a technology company rather than just a traditional utility provider, but investors don’t seem convinced.
At its core, Jio Platforms is a telecom company, Deven Choksey, managing director of Mumbai-based DRChoksey Finserv, told CNBC.
Although entertainment and gaming applications owned by Jio Platforms increase data consumption, the company primarily earns revenue from the sale of internet data, he added.
Jio is India’s largest telco with more than 500,000 subscribers, but at current prices it is worth less than the country’s No. 2 Bharti Airtel. According to LSEG data, Bharti Airtel has a market capitalization of $117.5 billion.
Indian billionaire Mukesh Ambani’s flagship company Reliance Industries owns over 66% of Jio Platforms, followed by Jaadhu Holdings, an affiliate of Meta Platforms, with nearly 10% and Google International with 7.7%, according to LSEG data.
Neither Meta nor Google plans to sell their shares in the company, according to IPO documents.
Jio Platforms also plans to roll out satellite communications services in India, at the center of a dispute between owner Ambani and Starlink’s Elon Musk. Jio is reportedly looking to build a network of around 1,600 LEO satellites and 23 ground stations to expand connectivity across India.
Mr Musk last Saturday accused Mr Ambani of blocking Starlink from launching in India to maintain “monopoly exploitation” of the Indian market.
