Businesses and investors of Ambani's Jio, which has launched its IPO
RELI•Jio Platforms is raising up to $3.2 billion in an IPO that values the company at as much as $108.3 billion. The offering was fully subscribed in less than two hours of public bidding.
1. Telecom business
Jio Platforms, a unit of Reliance Industries, is best known for Reliance Jio Infocomm, India's largest telecom operator, with more than 500 million subscribers. Jio says it has about 60% of the country's data traffic and has expanded into AI, cloud and enterprise network services, as well as app development.
2. Investors and finances
Reliance Industries holds a 66.43% stake in Jio Platforms. Meta owns 9.9% and Google owns 7.7%; the company raised more than $20.5 billion from 13 global investors in 2020 for roughly 33% equity. Revenue from operations rose 14.6% to 1.47 trillion Indian rupees ($15.45 billion) in the fiscal year ended March, while profit increased 15.1% to 300.49 billion rupees.
3. IPO details
The IPO is a fresh fundraising, rather than the previously expected offer for sale. Jio Platforms shares are scheduled to start trading on October 28, and the company has hired 19 banks to manage the offering.
