Jio Platforms targets up to $3.2 billion in India's largest IPO, backed by Meta and Google

Jio Platforms, the digital arm of Mukesh Ambani's Reliance Industries, is seeking to raise up to 302 billion rupees ($3.2 billion) through an initial public offering of 270 million shares priced between ₹1,065 and ₹1,119 each. Subscription opens on October 21 and closes on October 23, with anchor investor bidding scheduled for October 19. The sale would be India's largest ever in rupee terms but the second largest in dollar terms, marginally behind the Hyundai Motors IPO that raised $3.3 billion in 2024.

At the top of the price band, Jio would be valued at about $108 billion. That is below the over $130 billion floated a year ago, and below Bharti Airtel, which has a market capitalization of over $117 billion, according to LSEG data. Reliance owns more than 66% of Jio, a Meta Platforms (META) affiliate owns nearly 10%, and Google (GOOGL) International owns 7.7%; neither Meta nor Google will sell any stake in the offering. The two companies invested in Jio in 2020, with Meta committing $5.7 billion and Google $4.5 billion, when Jio was valued at about $65 billion.

The pitch faces pushback on how Jio should be classified. One analyst told CNBC that Jio is "at its core, a telecom company" that earns revenue mainly from selling internet data. Jio's monthly revenue per user of 214 rupees compares with 257 rupees for Airtel's mobile business. Of the proceeds, up to 275 billion rupees is earmarked to repay debt at its telecom subsidiary, with the rest for general corporate purposes. In the quarter ended June, revenue rose nearly 12% from a year earlier and net profit climbed 9%, per the prospectus.

The offering also arrives as Elon Musk accuses Ambani of blocking Starlink's launch in India, while Jio plans its own satellite communications services. Indian authorities have rejected Musk's claims. Investors will likely watch subscription levels across the three days, anchor demand, and whether the lower valuation draws buyers who accept the technology positioning.