Jio Platforms to Float Rs 28,000 Crore IPO on Oct 21; Could Become Biggest Indian IPO

Jio Platforms of Mukesh Ambani is all set to hit the equity market in a move that can break Indian IPO records. 

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Jio Platforms is expected to float its IPO on October 21 and make Rs 28,000 crore ($3.8 billion) from it, said sources citing two unnamed people close to the development. The shares of the company will be listed on October 28. 

With the proposed IPO being made at this valuation, Jio Platforms will surpass Hyundai Motor India and become the largest IPO ever in India. 

The sources close to the development were not authorised to talk to the press and hence preferred anonymity. Reliance Industries did not offer any comments on any queries. 

Jio Could Set a New IPO Record 

India has seen several large companies enter the public markets in recent years, but Jio’s planned offering would be bigger than any of them. 

Hyundai Motor India’s $2.9 billion IPO in 2024 currently holds the record as India’s largest listing. 

The National Stock Exchange of India, meanwhile, raised $2.3 billion through its IPO before making its stock market debut last month. 

At around $3.8 billion, Jio Platforms would move comfortably ahead of both. 

IPO Proceeds Largely Earmarked for Telecom Debt 

Most of the money raised through the offering is expected to be used to repay debt owed by Jio’s telecommunications division. 

Telecom remains central to the Jio business, but the company has expanded well beyond mobile connectivity. 

Jio Platforms also operates businesses spanning artificial intelligence, cloud services and enterprise networks. 

The company already has some of the world’s biggest technology names among its investors, including Meta and Google. 

Jio Arrives in a Busy IPO Market 

The planned listing comes during an unusually active period for India’s primary market. 

Companies raised a record amount through public offerings between April and September this year. 

And there is plenty more waiting in the queue. 

Nearly 250 companies are preparing to raise a combined Rs 4.65 trillion, or around $48 billion, through IPOs, according to PRIME Database figures cited by Reuters. 

That pipeline includes Carlsberg’s India business as well as Prism, the parent company of hotel aggregator Oyo. 

Jio Platforms, however, would stand apart simply because of its size. At the planned $3.8 billion, the offering would not only add another major name to India’s busy IPO calendar but also establish a new benchmark for the country’s public markets. 

For now, October 21 is the planned launch date, with the stock market debut expected a week later on October 28.