Jio Platforms Launches Record $3.2 Billion Indian IPO
Jio Platforms will open India's largest-ever IPO on October 21, seeking a $108 billion valuation to clear debt and fund AI and satellite infrastructure.
Digital services giant Jio Platforms has filed a red herring prospectus for an initial public offering scheduled to open for subscription from October 21 to October 23. The offering, consisting of a fresh issue of up to 270 million shares priced between 1,065 and 1,119 rupees, aims to raise up to 302 billion rupees ($3.2 billion). This would mark the largest IPO in Indian history, surpassing the 2024 record set by Hyundai Motor India.
Managing Director Akash Ambani led investor roadshows in New York, London, and Hong Kong to pitch the company's proprietary technology stack and 7,220 patent applications. While the company initially sought valuations as high as $170 billion, it has adjusted its target to approximately $108 billion. Jio intends to use the proceeds to settle 275 billion rupees in legacy telecom debt and fund green AI infrastructure and a low-earth-orbit satellite network.
Existing major investors, including Meta Platforms and Google International, do not intend to sell their shares. However, the company's satellite ambitions have drawn criticism from Elon Musk, who characterized the firm as "monopolistic" and accused Mukesh Ambani of blocking Starlink's entry into the Indian market. In response to the IPO announcement, the parent company's shares rose approximately 3 percent. Ahead of the official listing on October 28, the crypto exchange Bitget has already listed a pre-IPO perpetual futures contract for the company.
