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India's largest telecom operator Jio Platforms plans to raise up to 302 billion rupees (approximately $3.2 billion) through an initial public offering. The company will offer 270 million shares at a price range of 1,065 to 1,119 rupees per share, with the subscription period running from October 21 to 23. Its parent company Reliance Industries disclosed this information in an exchange filing.
This share sale will be the largest IPO in India's history when measured in rupees, and the second-largest when measured in dollars, slightly below Hyundai Motor's $3.3 billion IPO in 2024. According to estimates from Indian market intelligence firm Prime Database, Jio had previously expected to raise approximately 377 billion rupees through the IPO. At the upper end of the price range, Jio Platforms would be valued at approximately $108 billion, well below earlier expectations.
Jio Platforms has consistently positioned itself as a technology company rather than a traditional utility provider, but investors appear unconvinced. Deven Choksey, Managing Director of Mumbai-based DRChoksey Finserv, stated that Jio Platforms remains fundamentally a telecom company. He added that although entertainment or gaming applications under Jio Platforms have increased data consumption, the company's revenue primarily comes from selling internet data.
Jio is India's largest telecom company with over 500 million users, but at current prices, its valuation will fall below that of India's second-largest operator Bharti Airtel. Data from the London Stock Exchange Group shows that Bharti Airtel has a market capitalization of $117.5 billion.
Data from the London Stock Exchange Group shows that Reliance Industries, the flagship company of Indian billionaire Mukesh Ambani, holds over 66% of Jio Platforms, Meta Platforms' affiliate Jaadhu Holdings holds nearly 10%, and Google International holds 7.7%. According to the IPO filing, neither Meta nor Google will sell their shares.
Jio Platforms also plans to launch satellite communication services in India, placing it at the center of a dispute between owner Ambani and Starlink's Elon Musk. Reports indicate that Jio is seeking to build a network of approximately 1,600 low-orbit satellites and 23 ground stations to expand connectivity across India. Musk accused Ambani last Saturday of blocking Starlink's entry into the Indian market in order to maintain his "monopolistic exploitation" of the Indian market.
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