Jio Platforms Launches India's Largest IPO to Raise $3.2 Billion
Jio Platforms opened India's largest-ever IPO on October 21, seeking $3.2 billion to repay debt and fund AI and satellite infrastructure.
Digital services giant Jio Platforms opened its initial public offering for subscription on October 21, marking the largest share sale in Indian history. The company aims to raise up to 302 billion rupees ($3.2 billion) through a fresh issue of 270 million shares, priced between 1,065 and 1,119 rupees. The offering was fully subscribed within 100 minutes of opening, driven largely by qualified institutional buyers.
Managing Director Akash Ambani led global investor roadshows in New York, London, and Hong Kong to pitch the company's transition from a telecom utility to a technology platform. The IPO targets a valuation of approximately $108 billion, a decrease from earlier expectations of $170 billion. This valuation is roughly 10% lower than its primary competitor, Bharti Airtel.
Jio intends to use 275 billion rupees of the proceeds to prepay legacy debt at its subsidiary, Reliance Jio Infocomm, while funding green AI infrastructure and a planned constellation of 1,600 low-earth-orbit satellites. The company also announced plans to export its proprietary telecom technology stack to international markets via an asset-light managed services model and intends to deploy 6G as a software upgrade.
The listing has faced public criticism from Elon Musk, who characterized the company as "monopolistic" and accused Reliance Industries chairman Mukesh Ambani of blocking Starlink's entry into India. Despite this, the anchor investor book was oversubscribed more than 30 times, attracting $25 billion in bids from global firms including BlackRock, Fidelity, and the Abu Dhabi Investment Authority.
