Jio Platforms, the digital services and telecom subsidiary of Reliance Industries Ltd (RIL), is reportedly targeting a valuation of approximately Rs 11 lakh crore ($114 billion) for its upcoming Initial Public Offering (IPO). Sources familiar with the matter indicate that the company is planning to open its IPO in the week of October 19, with a potential listing before October 30.
Valuation and Market Position
The targeted $114 billion valuation, while slightly lower than earlier expectations that ranged between $130 billion and $170 billion, would still position Jio Platforms to potentially conduct India’s largest-ever listing. If successful, Jio Platforms would become India’s third most valuable publicly traded company, trailing only its parent company, Reliance Industries, valued at around $169 billion, and its primary rival, Bharti Airtel Ltd, which stands at approximately $116 billion.
IPO Details and Offering Size
Jio Platforms filed its draft prospectus in June, proposing to offer up to 27 crore new shares. This share offering is equivalent to about 2.93 percent of its post-issue equity capital. At the proposed $114 billion valuation, the shares being offered are estimated to be worth around $3.4 billion (Rs 32,000-32,500 crore). This figure would surpass the Rs 27,870 crore ($2.9 billion) raised by Hyundai Motor India Ltd in 2024, highlighting the scale of Jio's ambition in what has already been a busy year for India's IPO market.
Investor Meetings and Advisers
The company has reportedly completed gauging initial demand for the offering and is expected to commence meetings with prospective investors this week to finalize valuation and pricing details. A consortium of 19 banks has been appointed to manage the share sale, including prominent names such as Kotak Mahindra Capital, Morgan Stanley, BofA Securities, Axis Capital, BNP Paribas, and Citigroup. The final dates, valuation, and other specifics of the IPO are still subject to change.