Reliance Jio files plan for $4 billion IPO that could be the biggest share sale in India
Reliance Jio (Jio Platforms) announced an initial public offering targeting about $4 billion in proceeds, which it intends to use to repay or reduce existing debt. The offering would be the largest share sale in the country and comes from India’s largest telecom and digital services provider. According to CNBC.com, the IPO could involve the issuance of up to 270 million shares. Jio Platforms, the
Reliance Jio (Jio Platforms) filed an initial public offering (IPO) plan that aims to raise about $4 billion (approximately 360 billion rupees). The company said the proceeds will be used to repay or reduce existing debt. The offering would be the largest share sale or IPO in India. Jio Platforms is India's largest telecom and wireless operator and digital service provider.
CNBC reported that the IPO could issue up to 270 million shares. The outlet also noted that Jio Platforms owns Reliance Jio Infocomm, which has over 526.94 million subscribers in India, representing roughly a 50% share of the wired and wireless market. Mukesh Ambani said the proposed listing would demonstrate to the world that India can build technology companies of global scale, capability, and value. CNBC further reported that Reliance Industries holds more than 66% of Jio Platforms, while Google International owns 7.7% and Meta Platforms holds nearly 10%.
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