Mukesh Ambani’s Jio seeks $3.2bn in India IPO

Jio Platforms, the digital arm of Reliance Industries controlled by Mukesh Ambani, is seeking to raise about $3.2 billion in an Indian initial public offering after announcing pricing details ahead of next week’s launch.

The company said it plans to sell 270 million new shares at 1,065 to 1,119 rupees each, or about $11.22 to $11.79. If priced at the top of that range, the sale would surpass the $2.9 billion raised by Hyundai Motor India in 2024, the current national IPO record.

The IPO is due to open for subscriptions on October 21, with a listing planned about a week later.

Reliance Industries is India’s most valuable listed company and has been expanding beyond oil refining and petrochemicals into telecoms, digital services and green energy. Jio Platforms is central to that strategy.

Jio is best known for telecoms subsidiary Jio Infocomm, India’s largest mobile operator by subscribers. Its wireless service launched a decade ago and now has more than 530 million subscribers, handling about 60 percent of India’s mobile data traffic.

Jio Platforms raised more than $20 billion in 2020 from investors including Meta and Alphabet to fund digital services including payments, streaming and online platforms.