Jio Platforms plans October IPO launch in bid for India’s biggest listing
India’s busy equity capital market is set for another major test this month as Jio Platforms prepares an initial public offering targeted to raise about $3.8 billion. The offering is expected to open on October 21 and list on October 28, potentially overtaking recent large flotations in the country.
Highlights
- Jio Platforms plans to launch its IPO on October 21, aiming to raise about $3.8 billion, with shares debuting on October 28.
- Proceeds from the IPO will primarily repay debt for Jio's telecoms division, while its investor base includes Meta and Google.
- If successful, the Jio IPO will surpass Hyundai Motor India's $2.9 billion listing to become India's largest ever, amid a record-breaking IPO pipeline worth $48 billion.
Planned offering size and timeline
As reported by Reuters, Jio Platforms plans to launch its initial public offering on October 21, according to two sources familiar with the matter. The people said the company is seeking to raise about $3.8 billion, in what would be India’s biggest listing.The shares are expected to begin trading on October 28. The sources were not authorized to speak to the media and declined to comment, while Reliance did not respond to a Reuters request for comment.
Proceeds from the offering are set to be used largely to repay debt owed by Jio’s telecoms division. Jio Platforms also operates AI, cloud and enterprise network businesses, and counts Meta and Google among its major foreign investors.
IPO pipeline and market impact in India
India’s largest listing to date is Hyundai Motor India’s $2.9 billion flotation in 2024, while the National Stock Exchange of India made its market debut last month after a $2.3 billion IPO. If completed at the planned size, the Jio deal would set a new benchmark for the country’s capital markets.India is seeing a rush of companies coming to market, with proceeds raised from April to September this year marking a record for that period. According to PRIME Database, nearly 250 companies are in the pipeline to raise a combined 4.65 trillion rupees, or about $48 billion, through IPOs, including Carlsberg’s India business and Oyo parent Prism.
Evocom’s Bursa Malaysia ACE Market IPO outlined how the logistics group planned to use listing proceeds to expand its air cargo transshipment business, invest in technology, and build a new headquarters near KLIA. Our earlier article detailed the offer structure and valuation, and noted that funds were also earmarked for working capital in its flexible workforce segment alongside development of the EVOSHIFT and CLiPS digital platforms.
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