Jio Platforms, the telecom and digital services business owned by Mukesh Ambani’s Reliance Industries, is preparing to launch its initial public offering (IPO). According to a Bloomberg report, the company plans to set its share price between ₹1,065 and ₹1,119. The company aims to achieve a valuation of up to ₹10.3 trillion, or around $107 billion, the report said, citing people familiar with the matter. At the upper end of the proposed price range, Jio could raise around ₹302 billion through the IPO, based on Bloomberg calculations. This would make the offering India’s largest-ever IPO.

Jio Platforms IPO May Open on October 21

Jio Platforms plans to open its IPO for public subscription on October 21 and close it on October 23, according to the report. The company expects to open its anchor investor book on October 19. It could list its shares on the stock exchanges on October 28. However, the company has not finalised these details. Discussions are still underway, and the price band, valuation and schedule could change before the official announcement. A Reliance Industries representative did not immediately comment on the reported plans.

Jio IPO Could Break Hyundai Motor India's Record

Jio’s proposed share sale could surpass Hyundai Motor India’s ₹278 billion IPO from October 2024. Hyundai’s offering currently holds the record for India’s largest IPO. Although Jio’s reported valuation falls below some earlier estimates, its IPO could set a new benchmark for the country’s capital markets. The offering will also test investor demand for large share sales in India. The country remains one of the world’s busiest markets for equity fundraising.

Jio Valuation Falls Below Earlier Estimates

Jio Platforms had previously considered a valuation of around ₹11 trillion. Earlier market estimates placed its value even higher, between $130 billion and $170 billion at one point. However, a selloff in Indian stocks has weakened market sentiment. This has forced several companies to reconsider their IPO pricing expectations. In June, domestic brokerage Motilal Oswal Financial Services valued Jio at between $115 billion and $118 billion. Dolat Capital estimated the company’s value at around $110 billion. The latest reported target of up to $107 billion falls below both estimates.

Jio Plans to Issue Up to 270 Million Shares

Jio Platforms filed its draft prospectus in June as it prepared for the IPO. According to Bloomberg calculations, the company plans to issue up to 270 million new shares. The new shares would account for around 2.93% of Jio’s total equity capital after the offering. The IPO will give public investors an opportunity to buy a stake in one of India’s largest telecom and digital services businesses. Jio has played a major role in India’s telecommunications market and has expanded its digital services in recent years.

Jio Appoints 19 Banks to Manage IPO

Jio Platforms has appointed 19 banks to manage its share sale. The list includes major Indian and international financial institutions. These banks include Kotak Mahindra Capital Co, Morgan Stanley, Bank of America Corp, Axis Capital Ltd, BNP Paribas SA and Citigroup Inc. The banks will help manage the offering and connect the company with potential investors as it prepares for its expected stock market debut. Jio’s final IPO price, valuation and listing schedule will depend on the outcome of ongoing discussions and the company’s official announcements.