Meta and Google-Backed Jio Platforms Files for Record $3.2B India IPO

Jio Platforms, India’s largest telecommunications operator, is planning to raise up to 302 billion rupees (approximately $3.2 billion) through a landmark initial public offering (IPO). Backed by tech giants Meta Platforms and Google, the company will offer 270 million shares priced within a range of 1,065 to 1,119 rupees per share. According to an exchange filing by parent company Reliance Industries, the public subscription window will run from October 21 to October 23.

This share sale is set to become the largest-ever public offering in India when measured in domestic currency. However, in dollar terms, it will rank as the second largest, slightly behind the $3.3 billion listing by Hyundai Motor India. The target figure falls below earlier projections from market intelligence firm Prime Database, which had estimated the fundraising could reach 377 billion rupees. At the upper limit of its price band, Jio Platforms carries a valuation of nearly $108 billion. This figure comes in lower than anticipated and places Jio below its primary domestic rival, Bharti Airtel, which holds a market capitalization of around $117.5 billion.

The valuation reflects a degree of skepticism among institutional investors regarding the company's identity. While Jio Platforms has positioned itself as an integrated technology firm, analysts point out that its fundamental business remains anchored in telecommunications services. Revenue continues to be overwhelmingly generated from raw internet data consumption rather than ancillary digital offerings, such as gaming or media applications.

Billionaire Mukesh Ambani’s conglomerate, Reliance Industries, retains controlling ownership with a stake exceeding 66%. Global strategic partners Meta Platforms and Google hold nearly 10% and 7.7% respectively through affiliated investment entities. Regulatory filings confirm that neither tech company intends to offload shares during the public offering.

Beyond traditional mobile connectivity, Jio Platforms is preparing to expand into satellite-based communications to broaden internet coverage across rural and remote regions. The strategy involves deploying a constellation of approximately 1,600 low-Earth orbit satellites alongside 23 ground stations across the country. This planned expansion places the company in direct regulatory and commercial competition with Elon Musk’s Starlink, leading to heightened tensions between the two entities over market access and spectrum allocation in India.