Jio Platforms, Reliance Industries’ India-based digital arm, plans an initial public offering that could raise up to US$3.2 billion, according to stock exchange filings.

The IPO will open on October 21 and close on October 23. Jio has set a price band of 1,065 rupees (US$11) to 1,119 rupees (US$12) per share.

At the top end of the range, Jio would be valued at about 10.3 trillion rupees (US$108 billion).

The share sale would surpass Hyundai Motor India’s 278.7 billion rupees (US$2.93 billion) IPO in 2024, now India’s biggest.

Jio, India’s largest telecom operator, had more than 524 million subscribers as of March 31.

In the quarter ended June, its revenue rose to 391.7 billion rupees (US$4.12 billion), according to its prospectus.

Jio plans to use up to 275 billion rupees (US$2.89 billion) of the proceeds to repay debt at its telecom unit, Reliance Jio Infocomm. The rest will go toward general corporate purposes.

🔗 Source: TechCrunch

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