Jio Platforms Can File Its IPO Red Herring Prospectus Today; ₹30,000 Crore Issue Could Open Next Week

Jio Platforms Ltd is likely to file its red herring prospectus (RHP) with the Securities and Exchange Board of India (SEBI) today for an initial public offering (IPO) that could raise around ₹30,000 crore. The public issue is likely to open for subscription from 21 October to 23 October, according to people familiar with the matter.

The proposed offering could surpass Hyundai Motor India’s ₹27,800 crore IPO in October 2024 to become India’s largest-ever share sale. It would also mark the first major public offering by Reliance Industries in three decades, giving investors direct access to the telecom and digital services business led by Mukesh Ambani.

Jio IPO: Fresh Issue, No Offer For Sale

The Jio IPO is expected to comprise only a fresh issue of shares, without an offer-for-sale (OFS) component. This means existing investors are not planning to sell their holdings as part of the offering.

Jio’s major investors include Meta Platforms, Google, Saudi Arabia’s Public Investment Fund, KKR, Vista Equity Partners, Silver Lake, Mubadala, General Atlantic, Abu Dhabi Investment Authority and TPG. Some existing backers are instead seeking to increase their exposure to the company through the IPO, according to people familiar with the matter.

Meta affiliate Jaadhu Holdings holds a 9.98% stake in Jio Platforms, making it the largest external investor. Google International follows with a 7.73% holding.

The offering has reportedly attracted bids worth more than $20 billion from prospective investors. Global investment firms, including Fidelity, Allianz and Capital Group, are among those said to have expressed interest. The company is also focusing on retail participation and plans to price the issue at a level that leaves room for investor gains.

Jio IPO Valuation, Price Band And Dates

Market estimates peg Jio Platforms’ valuation at up to ₹10.3 lakh crore, with a likely price band of ₹1,065–₹1,119 per share. At the upper end, the IPO could raise around ₹30,200 crore. The final valuation, price band and issue size will be known after the RHP is filed.

Market experts estimate Jio’s enterprise value at ₹10.9 lakh crore to ₹11.4 lakh crore after accounting for net debt, spectrum liabilities and lease liabilities, while adjusting for the IPO proceeds.

At the upper end of the proposed price band, analysts estimate that Jio could trade at around 10.9 times its estimated FY28 enterprise value to enterprise value to earnings before interest, taxes, depreciation, and amortisation (EV/EBITDA). The anchor investor book may open on 19 October, while the listing is targeted for 28 October.

Jio Platforms’ Business And Growth Plans

Jio’s operations extend beyond mobile services to fixed broadband, cloud, entertainment, enterprise technology and artificial intelligence. The company has completed international roadshows across the Americas, Europe and Southeast Asia. Akash Ambani and Isha Ambani have met investors across these regions, according to people familiar with the matter.

Analysts expect average revenue per user (ARPU) growth, premium 5G services, higher data consumption, enterprise cloud and artificial intelligence services to support the company’s next phase of expansion. Moderating network capital expenditure could also improve cash-flow conversion.

Also Read - Tata Elxsi Share Price Jumps 7% After Q2 Results As Revenue Rises 15%; Why Is The Stock Rising?