Jio Platforms Ltd filed its red herring prospectus with the Securities and Exchange Board of India for an initial public offering (IPO) expected to raise about ₹30,200 crore ($3.2 billion) at the upper end of the ₹1,069-1,119 price band. The IPO will offer 270 million new shares, unchanged from earlier plans, with subscription opening on October 21 and closing on October 23, according to livemint.com.
The company reduced the issue size by roughly 14% from the initially proposed ₹35,000 crore but retained the number of shares on offer. Eligible employees will receive a discount of ₹54 per equity share under the employee reservation portion. Shares are scheduled to begin trading on exchanges on October 28. Jio Platforms is the digital services arm of Reliance Industries Ltd, encompassing Reliance Jio Infocomm and other technology businesses.
This IPO is set to become India's largest ever in rupee terms, surpassing Hyundai Motor India's ₹27,870 crore share sale in 2024. While Hyundai's $3.3 billion offering remains the largest in US dollar terms, Jio's ₹30,200 crore raise is notable given the rupee's exchange rate of roughly 84 to a dollar in October 2024. The offering reflects strong market interest in India's telecom and digital services sector, where Jio Platforms is a dominant player.
Investors can bid in lots of 12 shares of face value ₹10 each and in multiples of 12 thereafter, as per the prospectus. The IPO's subscription period runs from October 21 to October 23, with shares expected to list on October 28, marking a key milestone for Reliance Industries' digital business expansion.