Jio Platforms, the telecom giant backed by Meta and Google, will offer 270 million shares at 1,065 to 1,119 rupees each from October 21 to 23, aiming to raise as much as 302 billion rupees, or roughly $3.2 billion. The sale would be the biggest ever in rupee terms, though it falls just short of Hyundai Motor's $3.3 billion dollar-denominated record from 2024.
The valuation gap
At the top of the price band the company carries an enterprise value of about $108 billion, well below earlier market chatter and, notably, below the $117.5 billion market capitalization of rival Bharti Airtel. Prime Database had projected a 377 billion rupee raise, so the trimmed target signals that investors are pricing Jio as a utility rather than the technology platform management has pitched.
What the business actually does
Deven Choksey, managing director at DRChoksey Finserv, put it bluntly: the core business is selling internet data. Entertainment and gaming apps drive consumption, but the revenue line remains a telecom tariff. Jio claims more than half a million subscribers, yet the market is assigning it a lower multiple than the second-largest operator.
The shareholder structure
Reliance Industries retains a 66 percent stake after the offering. Meta's affiliate Jaadhu Holdings holds nearly 10 percent and Google International 7.7 percent, according to LSEG data. Neither strategic investor plans to sell in the IPO, so the free float stays thin.
The satellite subplot
Jio is simultaneously planning a constellation of roughly 1,600 low-earth-orbit satellites and 23 ground stations to roll out satellite broadband. The move puts Mukesh Ambani on a collision course with Elon Musk, who last Saturday accused Ambani of blocking Starlink's entry to preserve what Musk called monopolistic exploitation of the Indian market.