Reliance Industries, the parent company of Jio Platforms, announced the IPO details in an exchange filing. At the top end of the price range, Jio Platforms is valued at approximately $108 billion, a figure that is significantly lower than earlier expectations, according to analysts. The IPO is India's largest ever in rupee terms but trails the $3.3 billion raised by Hyundai Motors India in 2024 in dollar terms.
Reliance Industries holds more than a 66% stake in Jio Platforms, followed by Meta Platforms' affiliate Jaadhu Holdings, which owns nearly 10%, and Google International, which owns 7.7%, according to data from LSEG. Neither Meta nor Google will sell their stakes in the offering, per the IPO documents.
Jio is the largest telecom provider in India with over half a million subscribers, but its current valuation is below that of Bharti Airtel, the second largest player, which has a market capitalisation of $117.5 billion.
"Jio Platforms, at its core, is a telecom company," said Deven Choksey, managing director of Mumbai-based DRChoksey Finserv, told CNBC. While entertainment or gaming applications owned by Jio Platforms increase data consumption, the company earns revenues primarily from selling internet data, he added.
The company also plans to roll out satellite communications services in India, putting it at the center, a central of the spat a dispute between owner Mukesh Ambani and Starlink's Elon Musk. Jio reportedly looking to set a to network around of around 23 ground stations. to expand connectivity across India.