Jio Platforms seeks up to 302bn rupees in India’s largest IPO
Mukesh Ambani’s Jio Platforms is launching what could become India’s biggest-ever initial public offering, seeking to raise up to 302bn rupees (£2.4bn) from its share sale. The listing is significant because it would give investors a stake in a company that has helped make mobile internet more affordable across India, while testing demand during a market downturn.
Jio is targeting a valuation of 10.3tn rupees (£81bn), which would make it India’s fourth-largest listed company, although that is below earlier expectations of more than £110bn. The offer price is 1,065 to 1,119 rupees per share, with up to 270m new shares; retail sales begin on Wednesday and the offer closes on Friday. The company secured 212 anchor investors, including major global fund managers, and plans to expand into artificial intelligence, cloud computing and digital infrastructure.
- Jio Platforms is seeking up to £2.4bn in its IPO.
- Its target valuation is £81bn, below earlier expectations.
- The company plans to grow in AI, cloud computing and digital infrastructure.
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Jio Platforms is part of Reliance Industries, the Indian conglomerate led by Mukesh Ambani. Its best-known business is Jio, a mobile network that helped bring down the cost of internet access and expanded smartphone use across India.
The company also provides digital services and has attracted investment from major global funds. Its plans include expanding in areas such as cloud computing, artificial intelligence and digital infrastructure, which could shape how it grows beyond mobile services.
An initial public offering, or IPO, is when a company sells shares to the public for the first time. A listing would let investors buy a direct stake in Jio Platforms and give the company access to money for its plans, while offering a measure of investor appetite for large share sales in India.
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Originally published by The Guardian as “Billionaire Mukesh Ambani launches India’s biggest-ever IPO”.