Jio Platforms, the digital and telecom arm of Mukesh Ambani's Reliance Industries, is seeking to raise up to $3.2 billion in what bankers and local press are calling a contender for India's largest-ever initial public offering. A stock exchange filing this week set a price band of ₹1,065 to ₹1,119 per share, covering up to 270 million new shares, according to a report from TechCrunch.
At the top of that band, Jio would be valued at roughly ₹10.3 trillion, or about $108.3 billion, on a post-offering basis. Anchor investor bidding is set to open on October 19, with the public subscription window running from October 21 to October 23. The offering follows approval from the Securities and Exchange Board of India, which cleared the listing in late August after Jio filed its draft prospectus earlier in the year.
Where the money is going
Reliance has earmarked up to ₹27.5 billion — about $2.9 billion — of the proceeds to repay debt at Reliance Jio Infocomm, the telecom subsidiary, with the remainder going toward general corporate purposes. Existing Reliance Industries shareholders have roughly $263 million reserved for them in the offering, and the company has set aside about $53 million for employees, who will receive a per-share discount.
The IPO filing also disclosed fresh financials: for the quarter ended June, Jio reported revenue of ₹391.7 billion (about $4.1 billion), up nearly 12% year over year, and net profit of ₹77.6 billion (about $816 million), up 9%.
Jio launched in 2016 with aggressively priced data plans that reshaped India's mobile market, and it has since grown into the country's largest telecom operator, with more than 524 million subscribers as of March 31 — ahead of rivals Bharti Airtel, Vodafone Idea, and state-owned BSNL. The business has since expanded into broadband, cloud services, and other digital offerings. In 2020, Jio drew more than $20 billion from global investors, including a $5.7 billion investment from Meta and $4.5 billion from Google, at a valuation of up to roughly $65 billion at the time — making this week's price band a marked step up in six years.
The listing also arrives amid an unrelated public dispute: Elon Musk has accused Ambani of working to keep Starlink out of the Indian market, even though Jio and Bharti Airtel both signed distribution agreements with SpaceX in March 2025, pending regulatory sign-off. Indian authorities have rejected Musk's characterization of events.
