Jio Platforms, the digital services arm of India’s Reliance Industries, opened bidding for its US$3.2 billion initial public offering on October 21. The IPO could value the company at up to US$108.3 billion.

If fully subscribed, the sale would be India’s biggest IPO, surpassing Hyundai Motor India’s 278.7 billion rupees (US$2.94 billion) offering in October 2024, worth about US$2.94 billion. It would be the first IPO from the Reliance conglomerate in two decades.

Jio, which operates telecom, cloud, entertainment, and AI businesses, set the price band at 1,065 to 1,119 rupees (US$12) per share.

The IPO is expected to be an offer for sale, meaning existing investors would sell their shares and Jio would not raise new capital. The pricing also boosted shares in Reliance Industries and Bharti Airtel.

🔗 Source: Reuters

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