Jio Platforms launches India's biggest-ever IPO amid a market downturn and rivalry with Elon Musk
Summary
Jio Platforms, the Mumbai-based telecom company backed by Meta Platforms and Google and the digital arm of Reliance Industries, is launching what could be India's biggest-ever initial public offering despite a stock market downturn. The Financial Times reports the company aims to list at a $107bn valuation amid tougher competition and goading from Elon Musk. The Guardian reports it hopes to raise up to 302bn rupees (£2.4bn) and is targeting a 10.3tn rupee (£81bn) valuation when it floats on Wednesday. CNBC reports the offering could raise up to $3.2 billion, which would be India's largest in rupee terms but the second largest in dollar terms, with BlackRock and GIC among investors chasing it as anchor bids top $26 billion. The South China Morning Post reports the record US$108b offering will test investor confidence as Musk accuses Reliance of using monopolistic influence to block Starlink's entry into India, a charge Reliance denies.
Timeline
Financial Times
Source ↗The Financial Times reports that Jio Platforms aims to list at a $107bn valuation as Mukesh Ambani pursues India's biggest IPO despite a stock market downturn, tougher competition and goading from Elon Musk.
CNBC
Source ↗CNBC reports that Jio Platforms plans to raise up to $3.2 billion in an IPO, India's largest in rupee terms but the second largest in dollar terms, with BlackRock and GIC among investors chasing it as anchor bids top $26 billion.
The Guardian
Source ↗The Guardian reports that Jio Platforms is targeting a 10.3tn rupee (£81bn) valuation and hopes to raise up to 302bn rupees (£2.4bn) when it floats on the stock market on Wednesday.
South China Morning Post
Source ↗The South China Morning Post reports that the record US$108b Jio IPO will test investor confidence as Elon Musk accuses Reliance of using monopolistic influence to block Starlink's entry into India, a charge Reliance denies.
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