Jio Platforms Launches Record-Breaking $3.2 Billion Indian IPO
Jio Platforms is launching India's largest-ever IPO to raise $3.2 billion, attracting $25 billion in anchor bids before opening to the public on October 21.
Digital services giant Jio Platforms is launching the largest initial public offering in Indian history, seeking to raise up to 302 billion rupees ($3.2 billion). The offering, which opens for public subscription from October 21 to October 23, features a price band of 1,065 to 1,119 rupees per share. The company targets a valuation of approximately $108 billion, a decrease from previous expectations of $170 billion.
Demand for the offering has been immense, with the anchor investor book attracting over 2.5 trillion rupees ($25 billion) in bids—more than 30 times the 81.1 billion rupee quota. Major participants include BlackRock, GIC, and the Life Insurance Corporation of India. Jio Platforms intends to use approximately 275 billion rupees of the proceeds to prepay debt at its core telecom subsidiary, Reliance Jio Infocomm, while funding green AI infrastructure and a low-earth-orbit satellite network.
Managing Director Akash Ambani is positioning the company as a global technology exporter, planning to sell Jio's proprietary end-to-end telecom stack to international operators via an asset-light managed services model. Ambani also announced that 6G will be deployed as a software upgrade rather than a new infrastructure buildout. The listing is expected to propel parent company Reliance Industries past Tata Group as India's most valuable conglomerate. However, the move has drawn criticism from Elon Musk, who characterized the company as "monopolistic" amid disputes over Starlink's entry into the Indian market.
