Jio Platforms Targets $3.8 Billion IPO to Expand Digital Business
According to sources familiar with the matter, Jio’s $3.8 billion IPO target equals about 2.9% of its post-issue equity and would value the telecom firm at roughly $131 billion. If the target is met, the deal would surpass Hyundai Motor (HYMLF) ’s India IPO of $2.95 billion in 2024 and become the largest stock market debut in the country’s history.
Reflecting its importance, Ambani called the IPO “the most important value creation milestone this year” at Reliance’s annual shareholder meeting. Meanwhile, most of the funds raised from the IPO are expected to be used to repay about $2.92 billion in debt at Reliance Jio Infocomm, the group’s telecom unit.
The firm said repaying its debt would give more room to invest in growth projects. This includes expanding its 5G network, boosting its broadband reach, and growing its AI and cloud segments.
In recent years, Jio Platforms has expanded beyond telecom into AI, cloud services, enterprise networking, and app development. Its telecom arm is now the world’s second-largest mobile operator by subscribers in a single country, behind only China Mobile.
