Jio Platforms breaks India's IPO record
The telecom and digital group raised $3.2 billion in India’s largest initial public offering.
TL;DR
- Jio Platforms raised $3.2 billion in its initial public offering.
- Axios and Reuters described the deal as India’s largest IPO.
- Reuters reported that the company plans to use up to $2.89 billion of net proceeds to repay debt at its telecom unit.
Jio Platforms raised $3.2 billion in its initial public offering, which Axios and Reuters described as India’s largest. The company began trading in Mumbai. [1] [2]
Axios reported an offering valuation of around $106 billion. Reuters put the valuation at around $137 billion after the first day of trading, a different point in time. [1] [2]
Reuters reported that Jio Platforms plans to use up to $2.89 billion of net IPO proceeds to repay borrowings at its telecom unit. The company is part of Mukesh Ambani’s Reliance group and operates telecom and digital businesses. [2]
Axios noted that Alphabet and Meta were among the company’s earlier private investors. Reuters reported that competition, capital spending and changes to telecom rules remain risks for the business. [1] [2]
Why it matters
The listing shows the scale at which India’s public market can finance a digital and telecom business, with proceeds earmarked in part for debt repayment.
Editor's note
The offering and first-day valuations refer to different moments. Planned debt repayment is the company’s intended use of proceeds.