Meta- and Google-backed Jio Platforms to raise up to $3.2 billion in historic IPO in India
Jio's share sale will be India's largest ever in rupee terms, and second largest in dollar terms, trailing the Hyundai Motors IPO that raised $3.3 billion in 2024.
Key points
- Jio Platforms plans to raise up to 302 billion rupees ($3.2 billion) in India's largest-ever IPO in rupee terms.
- The IPO will sell 270 million shares priced between 1,065 and 1,119 rupees from Oct. 21 to Oct. 23.
- Reliance Industries owns over 66% of Jio Platforms, while Meta and Google hold 10% and 7.7% stakes respectively.
Jio Platforms, India's largest telecom operator backed by Meta and Google, is aiming to raise up to 302 billion rupees ($3.2 billion) through an initial public offering. The company will sell 270 million shares priced between 1,065 rupees and 1,119 rupees each, with the offering open from Oct. 21 to Oct. 23, according to a filing by parent company Reliance Industries.
The share sale would be India's largest ever in rupee terms, though it marginally trails the 2024 Hyundai Motors IPO that raised $3.3 billion in dollar terms. Indian market intelligence firm Prime Database had estimated Jio would raise around 377 billion rupees.
Valuation and investor doubts
At the top of the price range, Jio Platforms is valued at around $108 billion, significantly lower than earlier expectations. Although the company has sought to present itself as a technology firm rather than a traditional utility, investors appear unconvinced.
Deven Choksey, managing director of Mumbai-based DRChoksey Finserv, told CNBC that Jio Platforms is fundamentally a telecom company. He noted that while its entertainment and gaming apps boost data consumption, revenues come mainly from selling internet data.
monopolistic exploitation
— Elon Musk
Ownership and satellite plans
Reliance Industries, led by billionaire Mukesh Ambani, holds more than a 66% stake in Jio Platforms. Meta's affiliate Jaadhu Holdings owns nearly 10%, and Google International owns 7.7%, according to LSEG data. The IPO papers state that neither Meta nor Google will sell their stakes.
Jio Platforms also plans to launch satellite communications services in India, placing it at the center of a dispute between Ambani and Starlink's Elon Musk. Jio is reportedly looking to set up a network of around 1,600 low-Earth-orbit satellites and 23 ground stations. Last Saturday, Musk accused Ambani of blocking Starlink's launch in India to maintain his "monopolistic exploitation" of the Indian market.
