Jio Targets $3.2 Billion in What Could Be India's Biggest IPO

Jio Platforms is seeking to raise as much as $3.2 billion in an IPO that would value Mukesh Ambani's digital arm at roughly ₹10.3 trillion ($108.3 billion) and set a new record for India's largest listing. The offering opens for subscription on October 21 and closes on October 23, with anchor-investor bidding scheduled for October 19.

The company, the digital unit of Reliance Industries, set a price band of ₹1,065 to ₹1,119 ($11.19–$11.76) per share for up to 270 million new shares, according to a Wednesday stock exchange filing. Even at the bottom of that range, the deal would overtake Hyundai Motor India's ₹278.7 billion ($3.3 billion at the time) 2024 offering, the country's biggest IPO to date.

How Big Is the Valuation Jump?

The numbers mark a striking repricing since 2020, when Jio attracted more than $20 billion from global investors. Meta, then Facebook, put in $5.7 billion; Google committed $4.5 billion. At that time, Jio carried a valuation of up to ₹4.91 trillion, about $65 billion then. The top of the new price band implies a valuation roughly 66% higher in dollar terms than the 2020 peak.

The listing will test public-market appetite for a company that private markets once chased aggressively. Jio has grown into India's largest telecom operator since launching in 2016, counting more than 524 million subscribers as of March 31 — ahead of Bharti Airtel, Vodafone Idea and state-owned BSNL. It won customers early with free data and cheap plans; its prices are now comparable to rivals'. The business has also pushed beyond telecom into broadband, cloud services and other digital lines.

What Do the Financials Show?

Jio's revenue rose nearly 12% year over year to ₹391.7 billion (about $4.1 billion) in the quarter ended June, per its IPO prospectus. Net profit climbed 9% to ₹77.6 billion (around $816 million) over the same period.

The deal structure includes reserved tranches:

• Up to ₹25 billion (about $263 million) in shares for eligible Reliance Industries shareholders.
• Another ₹5 billion ($53 million) for employees, who get a ₹54-per-share discount.
• Up to ₹275 billion ($2.9 billion) of proceeds earmarked to repay debt at telecom subsidiary Reliance Jio Infocomm.
• Remaining proceeds go to general corporate purposes, per the prospectus.

Why Is Musk Looming Over the Listing?

The IPO arrives as Elon Musk has intensified criticism of Ambani, accusing him of trying to keep Starlink out of India. The attacks come more than a year after Jio and rival Airtel signed deals with Musk's SpaceX to distribute Starlink's satellite internet service in India, subject to regulatory approvals. Indian authorities have rejected Musk's claims.

That standoff frames the competitive stakes for investors weighing the offering. Jio must now prove that a $108 billion valuation holds up in public markets while satellite internet, spectrum policy and a demanding promoter agenda all press on the story.