Jio Platforms Ltd. is set to price its shares at ₹1,065 to ₹1,119 apiece in its planned initial public offering, according to people familiar with the matter.
The company is targeting a market value of as much as ₹10.3 lakh crore ($107 billion), the people said, asking not to be identified because the information isn’t yet public. At the upper end of the price band, Jio’s IPO would raise about ₹30,200 crore, according to Bloomberg calculations. That would keep it on track to become India’s largest-ever IPO.
The telecom and digital services arm of billionaire Mukesh Ambani’s plans to open public subscription on Oct. 21 and close it two days later, the people said. The anchor book is scheduled to open on Oct. 19, with the shares expected to begin trading on Oct. 28, they said.
Deliberations are ongoing and details including the price range, valuation and timing could still change, the people said.
A Reliance Industries representative did not offer any immediate comments.
The valuation falls short of some earlier expectations, though the offering is still poised to surpass ’s ₹27,800 crore share sale in October 2024, the country’s biggest. That will be a major test of investor appetite for large share sales in one of the world’s busiest markets for equity fundraising.
Jio filed its draft prospectus in June for an offering of as many as 270 million new shares, equivalent to about 2.93 per cent of its post-issue equity capital, according to Bloomberg calculations. The company was earlier poised to seek a valuation of about 11 trillion rupees, people familiar with the matter have said. Valuations floated earlier were even higher, in the range of $130 billion to $170 billion at one point. A selloff in Indian stocks has since tempered pricing expectations for several IPOs in the country.
In June, local brokerage estimated Jio’s valuation at between $115 billion and $118 billion, while Dolat Capital valued the company at about $110 billion.
Jio has appointed 19 banks to work on the share sale, including Kotak Mahindra Capital Co., Morgan Stanley, Bank of America Corp., Axis Capital Ltd., BNP Paribas SA and Citigroup Inc.