Meta- and Google-backed Jio Platforms, India’s largest telecom operator, is looking to raise up to 302 billion rupees ($3.2 billion) through an IPO from Oct. 21 to Oct. 23. The share sale will be India’s largest ever in rupee terms, and the second largest in dollar terms after Hyundai Motors raised $3.3 billion in 2024. Jio Platforms will sell 270 million shares priced between 1,065 and 1,119 rupees each, valuing the company at around $108 billion at the top end. Parent company Reliance Industries, controlled by billionaire Mukesh Ambani, retains over 66% stake, while neither Meta nor Google will sell their shares. With over 500 million subscribers, Jio will be valued below Bharti Airtel, which has a market cap of $117.5 billion.
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