Brief
Mukesh Ambani launches Jio Platforms IPO targeting 10.3tn‑rupee valuation
Jio Platforms aims to raise up to 302bn rupees, targeting a 10.3tn‑rupee valuation as the IPO opens on Wednesday.
By Felo News Desk · Published
India’s second‑richest man, Mukesh Ambani, has launched what could become the country’s largest initial public offering. Jio Platforms, the Reliance‑backed telecoms firm, will seek to raise up to 302 billion rupees (£2.4 bn) and is targeting a valuation of 10.3 trillion rupees when it lists on the stock exchange from Wednesday, according to the Guardian.
What happened
Jio Platforms set a price band of 1,065 to 1,119 rupees per share and will offer up to 270 million new shares. The company secured 212 anchor investors on Monday, including BlackRock, the Abu Dhabi Investment Authority, Fidelity, JP Morgan Asset Management and others. Retail investors can bid from Wednesday, and the offer will close on Friday.
What the report adds
The Guardian notes that the family‑owned conglomerate is encouraging its more than 400,000 employees to buy shares, offering a discount of 54 rupees per share. At the top of the price range, Jio would rank as India’s fourth‑largest company behind Reliance Industries, Bharti Airtel and HDFC Bank. The valuation is roughly double the 4.9 trillion rupees recorded in 2020 when Meta and Google first invested.
What was said
Isha Ambani, a Jio board director, told investors that the business idea stemmed from connectivity problems she and brother Akash faced while studying in the United States in 2009‑10. “What followed was a conversation about why should India be left behind,” she said, adding that Akash believed the solution was a digital technology platform company.
How it came about
Jio launched its telecom services in September 2016, gaining 16 million subscribers in the first month and reaching 100 million within 170 days. The company is now expanding into artificial intelligence, cloud computing and digital infrastructure, building on its role in making mobile internet affordable in India.
Key facts
- Jio Platforms aims to raise up to 302 billion rupees in its IPO. (theguardian.com)
- The price range is set at 1,065‑1,119 rupees per share, with up to 270 million new shares offered. (theguardian.com)
- 212 anchor investors, including BlackRock and the Abu Dhabi Investment Authority, have committed to the offering. (theguardian.com)
- Jio’s target valuation of 10.3 trillion rupees would make it India’s fourth‑largest company by market cap. (theguardian.com)
- Isha Ambani said the company’s concept originated from connectivity issues she faced while studying abroad. (theguardian.com)
Sources
- [1] theguardian.com — originally reported as “Billionaire Mukesh Ambani launches India’s biggest-ever IPO”
