Jio Platforms will open its issue on October 21, with a projected $3.8 billion haul, according to two industry insiders. The filing, due to the Securities and Exchange Board of India in the week starting October 12, will mark the first public offering of a Reliance consumer‑focused arm since 2008.
Earlier this year, the company sat down with investors in the US, UK, Dubai, Hong Kong and Singapore, securing commitments that could lift the enterprise value to $143‑$146 billion. Meta, Google and a consortium of U.S. private‑equity firms have already invested in the 2020 round, holding roughly 15% of the company.
The fresh issue is limited to 27 crore shares, or 2.9% of post‑issue equity, and is earmarked primarily to repay debt in the telecom division, which still carries a sizeable balance sheet load. The face value of each share will be ₹10, while the price band, lot size and final listing date remain to be announced.
If the listing proceeds as scheduled, Jio's debut on the National Stock Exchange and Bombay Stock Exchange on October 28 would surpass Hyundai Motor India's $2.9 billion IPO in 2024, setting a new benchmark for Indian listings. Market watchers anticipate that the valuation will be driven by the company's vast 5G network, which carries about 60% of India's wireless data traffic. The next milestone is the official price band announcement, expected within the next two weeks, followed by the opening of the market trade on the 28th.