Ambani's Jio Seeks $108 Billion Valuation in Landmark India IPO
By P.R. Venkat
India's Jio Platforms is seeking to raise more than $3 billion in an initial public offering valuing the telecom company at as much as $108 billion, in what could be the country's largest-ever listing.
The Reliance Industries unit is offering 270 million shares at a range of 1,065 rupees to 1,119 rupees each, the Indian conglomerate said late Wednesday.
At the top end of the price range, the offering would raise about 302 billion rupees, equivalent to $3.18 billion, topping the 278.70 billion rupees raised by South Korean automaker Hyundai Motor's India unit in 2024.
Owned by billionaire Mukesh Ambani, one of Asia's richest people, Jio had 533.3 million subscribers as of June 30. The company accounts for nearly 60% of India's data traffic, in a country with a population of more than 1.4 billion.
Bidding for anchor investors is scheduled for Oct. 19, and the retail portion of the offering opens Oct. 21. The books are expected to close Oct. 23, Reliance said.
Jio is hitting the market amid heightened volatility in global markets, driven by the prolonged Middle East conflict, inflation concerns and growing investor caution toward artificial intelligence-related stocks.
India has been hit hard by the energy shock stemming from the U.S.-Iran war, given that it imports nearly 80% of its crude oil requirements. The country's benchmark Sensex has fallen about 15% this year, making it one of Asia's worst-performing markets.
Jio reported revenue from operations of 1.47 trillion rupees and net profit of 300.49 billion rupees for the financial year ended March 31. In the quarter ended June 30, revenue was 391.73 billion rupees and net profit was 77.64 billion rupees, according to its red herring prospectus.
Jio has previously raised capital from global technology giants and major investors, including Meta Platforms, which holds a 9.98% stake, while Google holds 7.73%. Many of these investments date back to 2020.
Citi, BofA Securities and Morgan Stanley are among the banks acting as lead manager on the IPO.
Write to P.R. Venkat at venkat.pr@wsj.com
(END) Dow Jones Newswires
October 14, 2026 22:03 ET (02:03 GMT)
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