Ambani’s Jio seeks to raise $3.2B in India IPO

Reliance Industries announced in a stock exchange filing that Jio has established a price range of ₹1,065 to ₹1,119, or approximately $11.19 to $11.76, per share for its offering of up to 270 million new shares. The initial public offering is scheduled to open for public subscription on October 21 and conclude on October 23, with anchor investor bidding taking place on October 19.

At the upper boundary of the proposed price band, the IPO would value Jio at approximately ₹10.3 trillion, or around $108.3 billion, calculated using the anticipated number of outstanding shares following the offering. This valuation and target raise of $3.2 billion position the transaction to potentially become the largest IPO ever recorded in India.

Back in 2020, Jio secured a valuation reaching up to ₹4.91 trillion, which was equivalent to roughly $65 billion at the time. During that period, Meta, previously operating under the name Facebook, injected $5.7 billion into the company, while Google committed an additional $4.5 billion to bolster digital initiatives.

Since its commercial launch in 2016, Jio has expanded to become the leading telecom operator across India, registering over 524 million subscribers as of March 31, staying ahead of competitors such as Bharti Airtel, Vodafone Idea, and state-owned BSNL. The company initially attracted a massive customer base by offering free data and economical plans, though its pricing structures are now aligned with industry rivals, alongside broadening its business scope into broadband, cloud computing, and digital services.

Stock photo for illustration only, not from the actual event

During the quarter ending in June, Jio reported a revenue increase of nearly 12% compared to the previous year, reaching ₹391.7 billion, or about $4.1 billion, while net profit grew by 9% to ₹77.6 billion, roughly $816 million, according to the official prospectus.