Billionaire Ambani’s Jio Platforms to launch IPO on 21 October: targets $3.8 billion, the largest listing in India’s history

Jio Platforms, the digital company of Indian billionaire Mukesh Ambani, plans to launch its initial public offering (IPO) on 21 October, aiming to raise around $3.8 billion — which would make it the largest listing in India’s history — according to two sources with knowledge of the matter who spoke to Reuters.

The shares are expected to list on 28 October, and the offering would surpass the country’s current record: Hyundai Motor India’s $2.9 billion listing in 2024. Meanwhile, the National Stock Exchange of India (NSE) debuted last month after a $2.3 billion IPO.

As Reuters writes, the sources were not authorised to speak to the media and declined to comment; Reliance likewise did not respond to a request for comment. According to the sources, the proceeds from the offering will be used mainly to repay the debt of the company’s telecommunications division.

Jio Platforms, whose leading foreign investors include Meta and Google, also runs artificial intelligence, cloud and enterprise network businesses. The listing comes at a time when India is experiencing a rush of companies to the stock market: around 250 companies are in line to raise 4.65 trillion rupees ($48 billion) through IPOs, according to PRIME Database.