Jio Platforms, the digital subsidiary of Mukesh Ambani’s Reliance Industries, is preparing to launch what could be India’s largest initial public offering (IPO), aiming to raise up to $3.2 billion. The IPO sets a price band of ₹1,065 to ₹1,119 per share, with plans to offer up to 270 million new shares. The subscription window is open from October 21 to October 23, with anchor investor bidding beginning on October 19. This offering could value Jio at approximately ₹10.3 trillion ($108.3 billion) if shares are priced at the upper end of the band.

This IPO is notable given Jio’s growth since its 2016 launch, evolving into India's largest telecom operator with over 524 million subscribers as of March 31. Jio’s initial growth strategy involved attracting customers with free and inexpensive data plans, though its prices have since aligned with competitors. Beyond telecommunications, Jio has expanded its operations into broadband, cloud services, and other digital sectors, signaling ambitions that extend well past traditional telco services.

Global investors have previously recognized Jio’s potential, contributing over $20 billion since 2020, including major investments from Google and Meta. At that time, Jio was valued around ₹4.91 trillion ($65 billion). Meta invested $5.7 billion and Google committed $4.5 billion in deals back then. Jio’s current IPO exceeds the previous largest Indian offering by Hyundai Motor India, which raised $3.3 billion in 2024.

Proceeds from this IPO will primarily be used to pay down debt within Jio’s telecom subsidiary, Reliance Jio Infocomm, with up to ₹275 billion ($2.9 billion) earmarked for this purpose. Additional funds will support general corporate uses. Jio is also reserving shares worth about ₹25 billion ($263 million) for eligible Reliance Industries shareholders and ₹5 billion ($53 million) for employees, who have a discounted purchase price. The IPO launch comes amid tensions with Elon Musk, who has criticized Ambani over delays involving Starlink’s satellite internet launch in India.