Ambani's Jio seeks US$3.2b in record India IPO

MUMBAI: India's Jio Platforms Ltd, the digital arm of conglomerate Reliance Industries Ltd, is aiming to raise more than US$3 billion in what would be the country's biggest-ever initial public offering (IPO), after announcing pricing details ahead of next week's launch.

The company, controlled by billionaire Mukesh Ambani, is looking to sell 270 million new shares at 1,065-1,119 rupees each, it said on Wednesday.

A sale at the top end of the range would raise around US$3.2 billion, surpassing the previous national IPO record of US$2.9 billion set by Hyundai Motor India Ltd in 2024.

The IPO opens for subscriptions on Oct 21, with a view to listing a week later.

Reliance Industries, India's most valuable listed company, has been pushing to expand beyond its traditional oil refining and petrochemicals businesses into telecommunications, digital services and green energy, with Jio Platforms at the heart of that strategy.

While Jio has expanded into areas ranging from artificial intelligence to enterprise network services, it is best known for telecommunications subsidiary Reliance Jio Infocomm Ltd, India's largest mobile operator by subscribers.

Launched a decade ago, Jio's wireless service disrupted the market with steep discounts that helped it rapidly win customers from rivals Bharti Airtel Ltd and Vodafone Group plc.

The carrier has more than 530 million subscribers and handles roughly 60 per cent of India's mobile data traffic.

The company raised more than US$20 billion in 2020 from global investors and technology giants, including Meta Platforms Inc and Alphabet Inc, funding an ambitious digital ecosystem spanning payments, entertainment streaming and online services. — REUTERS