Mukesh Ambani’s Jio Platforms Seeks to Raise $3.2 Billion in India’s Largest Initial Public Offering
Jio Platforms, the digital arm of Mukesh Ambani’s Reliance Industries, is seeking to raise up to $3.2 billion in what could become India’s largest initial public offering.
Jio Platforms, the digital arm of Mukesh Ambani’s Reliance Industries, is seeking to raise up to $3.2 billion in what could become India’s largest initial public offering. Reliance Industries announced in a stock exchange filing that Jio set a price band of ₹1,065 to ₹1,119 per share for up to 270 million new shares.
The IPO opens for subscription on October 21 and closes on October 23, with anchor bidding on October 19. At the upper end, the offering values Jio at roughly $108.3 billion, overtaking Hyundai Motor India's 2024 record listing. Launched in 2016, Jio is India’s largest telecom operator with over 524 million subscribers, and has expanded into broadband and cloud services.
The prospectus shows Jio plans to use up to $2.9 billion of the proceeds to repay debt at its telecom subsidiary, Reliance Jio Infocomm. The listing arrives amid criticism from Elon Musk, who accused Ambani of trying to keep Starlink out of India. Indian authorities have rejected those claims.
In the June quarter, Jio reported revenue of $4.1 billion, up nearly 12%, and a net profit of $816 million.
The story so far
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Original publication: 15 October 2026 03:18
