Jio Platforms Ltd., which serves as Reliance Industries' unit for telecom and digital services and is backed by billionaire Mukesh Ambani, is preparing to market shares at 1,065 to 1,119 rupees each, according to people with knowledge of the discussions. Using Bloomberg's calculations, pricing at the top of that band would raise roughly 302 billion rupees and peg Jio's valuation as high as 10.3 trillion rupees, or about $107 billion. That scale would top Hyundai Motor India's 278 billion-rupee offering in October 2024, making this India's largest IPO.
Anchor investors are expected to come in on Oct. 19, with the broader subscription window running from Oct. 21 to Oct. 23 and trading targeted for Oct. 28. The timeline, price range and valuation remain under discussion and could change as negotiations progress, according to people familiar. A spokesperson for Reliance Industries declined to comment immediately. Jio has mandated 19 banks, including Kotak Mahindra Capital Co., Morgan Stanley, Bank of America Corp., Axis Capital Ltd., BNP Paribas SA and Citigroup Inc.
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In June, Jio submitted draft documents to sell up to 270 million new shares, which Bloomberg estimates would be about 2.93% of its post-issue equity. The latest valuation aim is lower than some earlier thinking: people familiar previously indicated Jio was poised to target about 11 trillion rupees, and at one point figures circulating ranged from $130 billion to $170 billion. A pullback in Indian equities has since softened pricing ambitions across multiple local IPOs. In June, Motilal Oswal Financial Services pegged Jio at $115 billion to $118 billion, while Dolat Capital saw it at about $110 billion.
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