Jio Platforms Targets ₹30,200 Crore IPO with Global Roadshows
Akash and Isha Ambani lead Jio's global pitch for a record IPO, aiming for India's largest public offering.
Jio's IPO could raise approximately ₹30,200 crore, making it India's largest-ever IPO.
The offering will focus on retail investors, with shares priced between ₹1,065 and ₹1,119.
Jio has completed international roadshows and is now engaging domestic institutional investors.
Jio Platforms, the telecom and digital services subsidiary of Reliance Industries, is gearing up for a monumental initial public offering (IPO) that could raise around ₹30,200 crore. The company is currently conducting international roadshows across the Americas, Europe, and Southeast Asia, led by Akash and Isha Ambani, who are personally engaging with potential investors. This IPO is poised to become the largest in India’s history and marks Reliance's first public offering in three decades.
Historically, Jio has positioned itself as a technology company rather than just a telecom operator. The company’s existing investor base includes major players like Meta, Google, and Saudi Arabia’s Public Investment Fund. Notably, Meta’s Jaadhu Holdings holds the largest external stake at 9.98%, followed by Google International with 7.73%. Despite the IPO, these investors do not intend to sell their shares, with some looking to increase their stakes in Jio Platforms.
The IPO will consist entirely of new shares, with no offer-for-sale component. Jio aims to attract retail investors by pricing the shares in a way that retains some value for them. The anticipated price range is between ₹1,065 and ₹1,119 per share, targeting a market valuation of up to ₹10.3 lakh crore. The public subscription for the IPO is set to open on October 21 and close on October 23, with trading expected to commence on October 28.
This IPO could surpass the previous record held by Hyundai Motor India Ltd., which had an IPO of ₹27,800 crore in October 2024. Jio's valuation expectations have adjusted downward from earlier estimates of ₹11 lakh crore due to fluctuations in the Indian stock market. The company filed its draft prospectus in June, proposing to issue 270 million new shares, which would represent approximately 2.93% of its post-issue equity capital.
Looking ahead, Jio has enlisted 19 banks to facilitate the share sale, including major financial institutions like Kotak Mahindra and Morgan Stanley. The IPO is expected to provide a direct investment route into Jio for Reliance shareholders, while Reliance Industries will maintain a 66.4% stake in Jio. Analysts suggest that the listing could influence telecom sector dynamics, offering investors a significant alternative alongside Bharti Airtel, and may lead to a potential increase in smartphone tariffs in the coming years.
