Jio Platforms IPO Targets $114 Billion Valuation, Below Earlier Hopes, With Issue Likely in Week of October 19

Jio Platforms has settled on a lower price tag for India's most anticipated stock market debut. The Reliance Industries telecom and digital arm is likely to seek a valuation of about Rs 11 lakh crore, or roughly $114 billion, in its initial public offering, according to a Bloomberg report on Tuesday that cited people familiar with the plans. The company is aiming to open the issue in the week of October 19 and list before October 30, though the dates and numbers could still change.

The figure is a step down from earlier talk. At one stage, valuations of $130 billion to $170 billion had been discussed. Jio began investor outreach last month (see our earlier coverage), and it has now finished gauging demand. It is expected to start meetings with potential investors this week to discuss pricing.

Why the lower number

Weak markets have forced several Indian issuers to rethink their pricing. The Nifty 50 is about 15% below its September 2024 peak, and the National Stock Exchange's own IPO had to be cut in size. Brokerage estimates had already pointed lower than the most optimistic talk. Motilal Oswal Financial Services valued Jio at $115 billion to $118 billion in June, while Dolat Capital put it near $110 billion.

Even at the reduced valuation, Jio would be India's third most valuable listed company. Only its parent Reliance, with a market capitalisation of about $169 billion, and rival Bharti Airtel, at about $116 billion, would be worth more.

Still India's biggest IPO

Jio's draft prospectus, filed in June, provides for up to 27 crore new shares, about 2.93% of its post-issue equity. At $114 billion, that stake would be worth around $3.4 billion, or roughly Rs 32,000-32,500 crore. That would beat the Rs 27,870 crore Hyundai Motor India raised in 2024, the current record. Nineteen banks are working on the deal, including Kotak Mahindra Capital, Morgan Stanley, BofA Securities, Axis Capital, BNP Paribas and Citigroup.

Reliance shares react

Reliance shareholders welcomed the news. RIL opened flat at Rs 1,188.10 on the NSE and climbed to an intraday high of Rs 1,219.10, up 2.7%, making it one of the biggest contributors to Tuesday's market gains. Analysts said a listed Jio would give a market price for the telecom business and could narrow the holding-company discount at which Reliance trades.

The stock has been stuck between about Rs 1,100 and Rs 1,600 for more than three years. Technical analysts see resistance around Rs 1,280-1,340 if the current bounce continues.

What to watch

The final valuation, the price band and the quality of institutional demand will decide whether Jio can revive a cautious primary market. Another factor is the outlook for mobile tariff hikes, which drive revenue per user. Jio did not immediately comment on the report.

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