Asia
Ambani’s Jio Platforms Files for $3.8B IPO, Eyeing India’s Biggest Listing
Mukesh Ambani’s Jio Platforms has filed for a Mumbai IPO that could raise $3.8 billion and value the business at $131 billion. The firm intends to utilize much of the proceeds from the IPOs to pay off debt and support investments in 5G, broadband, AI and cloud services.
Jio, the platform of Mukesh Ambani has submitted regulatory filings of IPO in Mumbai that may yield about $3.8 billion. At that size, it would be the largest IPO in India ever.
The IPO is intended to unlock value in Jio Platforms, which includes the telecom company for Jio. It is second only to China in the number of single-country telecom subscribers.
IPO to refinance debt and finance future investments
The IPO is aimed at raising roughly 360 billion rupees ($3.81 billion). That would equate to roughly 2.9% of the company’s post-issue stock and value the business at nearly $131 billion. It set no fundraising target in the IPO prospectus, but said proceeds would help cover about 275 billion rupees ($2.92 billion) of debt owed by Reliance Jio Infocomm.
The prospectus says that less debt will help bolster ongoing investments in strategic priorities including 5G network expansion, fixed broadband growth and AI services and cloud services. Speaking of the Jio IPO at Reliance’s annual shareholder meeting, Ambani called it “the most significant value creation milestone this year.”
Business, Investors & Financial Performance of Jio
By 2020, Jio raised money from global investors such as Meta, Google and private equity firms Vista Equity Partners, KKR, General Atlantic and Silver Lake stake up about 33%.
As at March 31, Jio had a total of 524.4 million telecom subscribers, comprising 268.5 million users on its ultra-high-speed 5G network. The prospectus similarly revealed that during the same time frame, the company's workforce had plummeted some 21% to 27,935 employees, while subscriber figures and revenue soared.
Jio Platforms has diversified its business in the last few years with a focus on AI, cloud, enterprise network and app development. It announced an AI partnership with Reliance to enhance cloud computing and verbal communication models.
Jio Platforms has an operating revenue of $15.6 billion and profit after tax of $3.19 billion for the financial year ending March 2026.
Source: Reuters
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