Mukesh Ambani's Jio seeks $108 billion valuation in record Indian IPO (updated)

Meta Platforms

14/10/2026 14:54

Adds IPO size and valuation in lead, other details from paragraph 2
IPO could raise up to $3.2 billion through sale of new shares
Jio to use up to $2.89 billion on telecom unit borrowings
Offer runs October 21-23, with anchor bidding scheduled for Oct 19
IPO would make Jio India's fourth-most valuable listed company
By Vivek Kumar M and Vibhuti Sharma
BENGALURU, Oct 14 (Reuters) - Jio Platforms is set to raise up to $3.2 billion in India's largest IPO to date, which will value the group founded by billionaire Mukesh Ambani at as much as $108.3 billion.
The telecoms, cloud and AI group, which counts Meta META.O and Google among its major overseas investors, said on Wednesday it will open its IPO on October 21 and close it on October 23.
Jio has set a price band of 1,065 to 1,119 rupees per share and bidding for anchor investors will take place on October 19. It will offer 270 million new shares in the IPO.
Launched in 2016, Jio upended India's telecoms sector by offering free voice and data plans that allowed many Indians to access services such as YouTube and Facebook for the first time.
Competitors including Bharti Airtel BRTI.NS and Vodafone Idea VODA.NS were hit hard and Reliance Jio Infocomm is now the biggest player in the sector with 533 million subscribers and a 60% share of India's data traffic.
Jio cautioned in its updated prospectus that India's data-protection and telecom rules may limit data-driven monetisation, a risk for a company whose growth pitch leans on turning its vast user base into advertising and digital-services revenue.
In 2020, Jio raised more than $20.5 billion from 13 global investors in exchange for an equity stake of around 33%, valuing it at between $57 billion and $65 billion at the time.
     
SET TO RANK AMONG BIGGEST INDIAN COMPANIES
At a valuation of $108.3 billion, Jio Platforms would rank as India's fourth-biggest company by market capitalisation, behind parent Reliance Industries, Bharti Airtel and India's largest private lender HDFC Bank HDBK.NS.
Jio plans to use up to 275 billion Indian rupees ($2.89 billion) of the proceeds to repay or prepay borrowings at its telecoms unit which is run by Mukesh Ambani's son Akash. The rest will be used for general corporate purposes, including capital expenditure.
The IPO follows the listing of National Stock Exchange of India NSEI.BO in September which raised $2.3 billion, underscoring investor appetite for large offerings in India. India's largest share offering so far was by Hyundai Motor India HYUN.NS which raised $2.9 billion in 2024.
      ($1 = 95.1500 Indian rupees) 

(Reporting by Vivek Kumar M, Vibhuti Sharma, Munsif Vengattil and Surbhi Misra; Editing by Jan Harvey, Kirsten Donovan and Alexander Smith)
((VivekKumar.M@thomsonreuters.com))