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BackMeta- and Google-backed Jio Platforms to raise up to $3.2 billion in historic IPO in India
Meta- and Google-backed Jio Platforms to raise up to $3.2 billion in historic IPO in India
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CNBC1 hour agoBusiness2 min read

Meta- and Google-backed Jio Platforms to raise up to $3.2 billion in historic IPO in India

jio platformsiporeliance industries

Quick Look

  • Jio Platforms, backed by Meta and Google, aims to raise up to 302 billion rupees ($3.2 billion) via IPO of 270 million shares priced between 1,065 and 1,119 rupees from Oct.
  • The offering would be India's largest ever in rupee terms but second largest in dollar terms, trailing Hyundai's 2024 IPO.
  • At the top price, Jio would be valued at $108 billion, below Bharti Airtel's $117.5 billion market cap.

AI-generated summary

Why It Matters

Jio Platforms is India's largest telecom operator, majority-owned by Reliance Industries with significant stakes from Meta and Google. It has positioned itself as a technology company beyond traditional telecom services.

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Meta- and Google-backed Jio Platforms, India's largest telecom operator, is looking to raise up to 302 billion rupees ($3.2 billion) through an initial public offering of shares.

Jio Platforms will sell 270 million shares in IPO priced between 1,065 rupees and 1,119 rupees apiece, from Oct. 21 to Oct. 23. Reliance Industries, the parent company of the telecom operator, said in an exchange filing.

The share sale will be India's largest ever in rupee terms, but the second largest in dollar terms, marginally trailing the Hyundai Motors IPO that raised $3.3 billion in 2024. As per estimates provided by Indian market intelligence firm Prime Database, Jio was expected to raise around 377 billion rupees through its IPO.

At the top end of the price range, Jio Platforms is valued at around $108 billion, much lower than previously expected. While Jio Platforms has been positioning itself as a tech company and not just a traditional utility provider, investors seem unconvinced.

Jio Platforms, at its core, is a telecom company, Deven Choksey, managing director of Mumbai-based DRChoksey Finserv, told CNBC.

While entertainment or gaming applications owned by Jio Platforms increase data consumption, the company earns revenues primarily from selling internet data, he added.

Jio is the largest telecom company in India with over half a million subscribers, but at its current price it will be valued less than Bharti Airtel, the second largest player in the country. Bharti Airtel has a market cap of $117.5 billion, as per LSEG data.

Indian billionaire Mukesh Ambani's flagship company, Reliance Industries, owns more than a 66% stake in Jio Platforms, followed by Meta Platforms' affiliate Jaadhu Holdings that owns nearly 10% and Google International, which owns 7.7%, as per LSEG data.

Neither Meta nor Google will sell their stake in the company, according to the IPO papers.

Jio Platforms also plans to roll out satellite communications services in India, putting it at the center of the spat between owner Ambani and Starlink's Elon Musk. Jio is reportedly looking to set up a network of around 1,600 LEO satellites and 23 ground stations to expand connectivity across India.

What to Watch

AI outlook — possibilities, not facts

  • Jio Platforms will begin rolling out its satellite communications network within 12-18 months post-IPO

    Likely · Within months

  • Jio Platforms' stock will trade near or below its IPO price in the first month of trading

    Possible · Within weeks

Open Questions

  • What is the exact use of IPO proceeds beyond general corporate purposes?
  • How will Jio's satellite communications service compete with Starlink in pricing and coverage?
  • Will the IPO attract sufficient retail and institutional investor interest given the pricing?

Related Topics

jio platforms
PeopleDeven ChokseyMukesh Ambani
OrganizationsJio PlatformsReliance IndustriesMeta PlatformsGoogle International
PlacesIndiaMumbai
Topicsiporeliance industriesmetagooglebharti airtelmukesh ambani
This article was originally published by CNBC.

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