MUMBAI, India (Diya TV ) — Jio Platforms, the digital and telecom business backed by Reliance Industries, plans to raise 302 billion rupees ($3.2 billion) through an initial public offering (IPO) later this month. The share sale could become India’s largest IPO in rupee terms, putting the country’s biggest telecom operator in the spotlight as investors assess its growth prospects and market value.
Reliance Industries, led by billionaire Mukesh Ambani, said Jio Platforms would offer 270 million shares at prices ranging from 1,065 rupees to 1,119 rupees each. Investors can subscribe to the IPO from Oct. 21 to Oct. 23.
The offering marks a major step for Jio Platforms as it seeks to attract public investors. However, its proposed valuation has raised questions about how the market views its ambitions beyond traditional telecom services.
The company expects to raise less than earlier estimates suggested. Indian market intelligence firm Prime Database had projected that Jio Platforms could raise about 377 billion rupees through the offering.
At the upper end of its price range, Jio Platforms would have a valuation of about $108 billion. Although that figure represents a significant market value, it falls below earlier expectations for the company.
The IPO would rank as India’s largest ever in rupee terms. However, it would remain the country’s second-largest public offering in dollar terms, behind Hyundai Motor India’s $3.3 billion IPO in 2024.
Jio Platforms also faces a valuation comparison with Bharti Airtel, its main telecom rival. According to LSEG data, Bharti Airtel has a market capitalization of about $117.5 billion. That figure exceeds Jio Platforms’ proposed valuation, even though Jio leads India’s telecom market by subscriber numbers.
The comparison highlights the challenge Jio faces as it enters the public market. Investors must weigh its large customer base against its ability to generate revenue and expand into new businesses.
Jio Platforms has sought to position itself as more than a telecom operator. Its wider digital business includes entertainment and gaming services that encourage customers to consume more mobile data.
However, Deven Choksey, managing director of Mumbai-based DRChoksey Finserv, said telecom services remain central to the company’s business model.
Jio earns much of its revenue by selling internet data, Choksey told CNBC. Its digital applications can increase data consumption, but that does not necessarily make the company equivalent to a broad technology business.
This distinction matters because investors often value telecom operators differently from technology companies. Telecom businesses depend heavily on network infrastructure, customer subscriptions, and data usage. By contrast, technology companies may draw revenue from a wider range of digital products and services.
Therefore, Jio’s public market performance could depend on whether investors see enough potential in its digital operations to support a higher valuation over time.
Reliance Industries owns more than 66% of Jio Platforms, according to LSEG data. Meta Platforms, through its affiliate Jaadhu Holdings, owns nearly 10%, while Google International holds a 7.7% stake.
Both Meta and Google plan to retain their investments during the IPO, according to the offering documents. Their continued involvement reflects the importance of Jio’s digital platform and its large Indian customer base.
The share sale will allow public investors to buy into a business that combines telecom services with digital products. At the same time, Reliance will remain the company’s controlling shareholder after the offering.
Jio Platforms is also preparing to enter India’s satellite communications market. The company reportedly plans to develop a network of about 1,600 low Earth orbit satellites and 23 ground stations to expand connectivity across the country.
Satellite services could help Jio reach areas where traditional telecom infrastructure faces limitations. However, the expansion also places the company at the center of a dispute involving Ambani and Elon Musk, the owner of Starlink.
Musk accused Ambani on Saturday of blocking Starlink’s launch in India to protect what he called the “monopolistic exploitation” of the Indian market. The accusation adds another layer of competition as companies seek access to India’s growing communications sector.
As Jio Platforms prepares for its IPO, investors will assess its telecom earnings, digital ambitions and satellite plans. Ultimately, demand for the shares may show whether investors believe these businesses justify the company’s proposed $108 billion valuation.
