Jio Platforms to Raise Up to $3.2 Billion in India's Largest IPO

Jio Platforms has filed an updated prospectus to raise up to $3.2 billion in India’s largest initial public offering to date, targeting a market valuation of up to $108 billion. The mega-offering comes as founder Mukesh Ambani faces investor pushback on tech-firm valuations alongside a public spat with Starlink founder Elon Musk.

India’s digital and telecommunications landscape is bracing for a monumental market test as Jio Platforms prepares for a public offering that is set to raise up to $3.2 billion. Parent company Reliance Industries revealed in a stock filing that the offering will feature 270 million new shares, setting a price band of 1,065 to 1,119 rupees per share. Bidding for anchor investors is scheduled for October 19, with the main subscription window running from October 21 to October 23.

Dear Prime Minister Ambani,Please accept my humble apologies for not realizing that you are the real boss of India. Naturally, you would prefer to maintain your monopolistic exploitation of the great people of India, but would you nonetheless consider allowing Starlink to…

— https://x.com/elonmusk/status/2108604227643719745

The offering positions the telecoms, cloud, and artificial intelligence group at a valuation reaching $108 billion, according to Reuters. At this scale, the enterprise would rank as India’s fourth-biggest listed company by market capitalisation, trailing only parent Reliance Industries and Bharti Airtel.

Valuation Debates and Market Pushback

Despite the record-breaking scale of the upcoming float, valuation demands have met with pushback from investors unconvinced of the company’s positioning as a pure-play technology business rather than a traditional utility provider. Global brokerage Nomura noted that Jio’s enterprise valuation shrunk to $118 billion ahead of the pricing details, down from expectations of $133 billion floated a year prior, while the formal pricing values the firm at roughly $108 billion.

India's Largest IPO: Jio Platforms Targets $3.8 Billion Issue

Market observers note that Jio’s valuation places it below India’s second-largest telecom operator, Bharti Airtel, which trades at a market capitalisation exceeding $117 billion based on LSEG data.

Following its listing, Jio will likely need to demonstrate growth to public shareholders.

CNBC report, citing market analysis

Regulatory realities also temper the growth pitch. Jio cautioned in its updated prospectus that domestic data-protection and telecommunications rules could limit data-driven monetisation strategies, presenting a hurdle for a business aiming to extract advertising and digital-services revenue from its massive user base.

Jio Platforms to Raise Up to $3.2 Billion in India's Largest IPO — Photo: CNBC

Escalating Spat Over Satellite Broadband and Starlink Entry

The market debut arrives amid an increasingly bitter public feud between Mukesh Ambani and billionaire Elon Musk. Musk targeted Reliance leadership on social media, questioning regulatory delays faced by SpaceX’s satellite internet venture, Starlink, in India.

Starlink is licensed in over 165 countries and has spent five years complying with every single law and requirement of the government of India, so why still no license? Is Ambani the real boss of India?

Elon Musk, via Odishatv

Musk escalated the exchange further by sarcastically addressing the Reliance chairman as Prime Minister Ambani and accusing established operators of attempting to maintain a monopoly. Telecom Minister Jyotiraditya Scindia pushed back against allegations of favouritism, maintaining that India does not permit monopolies in any sector and that all satellite providers must adhere to the same regulatory standards.

Starlink is licensed in over 165 countries and has spent five years complying with every single law and requirement of the government of India, so why still no license? Is Ambani the real boss of India? https://t.co/KUSgfJRynZ

— https://x.com/elonmusk/status/2108187065687118261

While Starlink, Jio Satellite Communications, and Eutelsat OneWeb have secured key operating licenses, all three remain subject to outstanding security clearances and spectrum allocation before launching commercial services. Meanwhile, Jio advanced its own infrastructure ambitions at the India Mobile Congress, showcasing a Sovereign Satellite Connectivity initiative designed to deploy approximately 1,600 low-Earth-orbit satellites and 23 ground stations.

Where the IPO Proceeds Will Flow

Reliance Industries plans to deploy up to 275 billion Indian rupees, equivalent to $2.89 billion, from the share sale to repay or prepay borrowings at its telecoms unit, which is managed by Mukesh Ambani’s son Akash.

Thank you, Rahul. This is indeed troubling. https://t.co/JlEAP6vmqR

— https://x.com/elonmusk/status/2108221292788981881

The IPO follows a string of massive domestic listings, trailing Hyundai Motor India’s $2.9 billion float in 2024 and the National Stock Exchange’s $2.3 billion offering in September.

More on Jio Platforms

Also, Starlink has proven to be essential for saving lives during natural disasters throughout the world, when all other communications systems have failed, so you would also be helping save men, women and children throughout India. 🇮🇳

— https://x.com/elonmusk/status/2108605079746167163