- Jio Platforms will sell 270 million shares at 1,065 to 1,119 rupees apiece, with the offering running Oct. 21 to Oct. 23.
- The raise of up to 302 billion rupees ($3.2 billion) would be India's largest ever in rupee terms and second largest in dollar terms, behind Hyundai Motors' $3.3 billion IPO in 2024.
- Prime Database had estimated Jio would raise around 377 billion rupees, so the price band implies a materially smaller deal.
- Reliance Industries owns more than 66% of Jio Platforms, with Meta Platforms' affiliate Jaadhu Holdings holding nearly 10% and Google International holding 7.7%.
- Neither Meta nor Google will sell shares in the IPO, according to the IPO papers.
- Jio plans satellite communications services in India, adding a Starlink dispute between Ambani and Elon Musk to the IPO story.
Quotes
“Jio Platforms, at its core, is a telecom company”