Jio targets up to $3.2 billion in India’s biggest-possible IPO

The listing would give Jio a public market valuation near ₹10.3 trillion and direct up to ₹275 billion toward debt repayment.

Jio Platforms, the digital unit of Reliance Industries, is preparing a listing that could become India’s largest IPO, with a target raise of up to $3.2 billion and proceeds aimed mainly at debt reduction. Reliance said Jio priced the deal at ₹1,065 to ₹1,119 per share and is offering as many as 270 million new shares, with subscription set for October 21–23 and anchor bidding on October 19. At the top of the range, the company would be valued at about ₹10.3 trillion, well above the country’s previous record IPO, and the float is designed to overtake Hyundai Motor India’s 2024 offering even at the low end of the band. Jio reported June-quarter revenue of ₹391.7 billion and net profit of ₹77.6 billion, and the prospectus says it will use up to ₹275 billion to pay down debt at Reliance Jio Infocomm while reserving stock for Reliance shareholders and employees.