Reliance Jio Targets $3.2 Billion in Record-Breaking India IPO

Reliance Industries confirmed in a stock exchange filing that Jio has established a price band of ₹1,065 to ₹1,119 per share for an offering of 270 million new shares. Subscription opens October 21 and concludes October 23, with anchor investor bidding slated for October 19. At the top of the price range, the company commands a valuation of approximately ₹10.3 trillion, or $108.3 billion, nearly doubling its 2020 valuation.

The offering is positioned to surpass the $3.3 billion record set by Hyundai Motor India earlier this year. Since its 2016 debut, Jio has captured the top spot in India’s telecom sector with over 524 million subscribers, subsequently diversifying into cloud services and broadband. Financial filings for the quarter ending June show a 12% revenue increase to ₹391.7 billion, with net profits reaching ₹77.6 billion.

Capital raised will primarily address the debt burden at Reliance Jio Infocomm, with ₹275 billion earmarked for repayment. The launch arrives amid friction with Elon Musk, who recently criticized Ambani for allegedly blocking Starlink’s entry into the Indian market—a claim local authorities have officially rejected. Beyond general corporate use, the company has allocated ₹30 billion in shares specifically for Reliance shareholders and employees.