Jio Seeks to Raise $3.2 Billion in India's Largest IPO
· Business · TechCrunch, Economic Times
Jio Platforms has announced plans to raise up to $3.2 billion through an initial public offering, setting a price band of ₹1,065 to ₹1,119 per share. The subscription window will open on October 21 and close on October 23, with anchor investor bidding scheduled for October 19. At the upper end of the price band, the offering values the digital arm of Reliance Industries at approximately ₹10.3 trillion, or $108.3 billion. The IPO will surpass Hyundai Motor India's ₹278.7 billion offering in 2024 to become the largest stock market debut in the country's history. Jio intends to allocate up to ₹275 billion of the proceeds to repay debt at its telecom subsidiary.
Why it matters
The massive public offering marks a major milestone for India's capital markets, testing investor appetite for the country's largest telecom operator and digital services provider.
Read the original report — TechCrunch
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