Most of the money raised through the Jio Platforms IPO is expected to be used to repay debt owed by its telecoms division. (Photo: Reuters)

Jio Platforms IPO on October 21, listing likely on October 28

The company is looking to raise around $3.8 billion, which would make it India's biggest stock market listing, report says.

by · India Today

In Short

  • Jio Platforms plans IPO on October 21 to raise $3.8 billion
  • Shares to list on October 28 on Indian stock market
  • Funds mainly to repay telecom division debt

Jio Platforms, owned by Mukesh Ambani, plans to launch its IPO on October 21 and raise around $3.8 billion, Reuters reported, citing two sources.

The shares are expected to be listed on October 28, the sources said.

The planned IPO would surpass Hyundai Motor India’s $2.9 billion listing in 2024, which is currently India’s biggest. The National Stock Exchange of India, which made its market debut last month after raising $2.3 billion through an IPO, ranks next.

Most of the money raised through the Jio Platforms IPO is expected to be used to repay debt owed by its telecoms division.

Jio Platforms has Meta and Google among its major foreign investors. Besides telecom, the company also operates businesses in artificial intelligence, cloud services and enterprise networks.

The planned listing comes as India’s IPO market continues to see strong activity. Funds raised between April and September this year reached a record for the period.

Around 250 companies are also in the pipeline to raise a combined Rs 4.65 trillion ($48 billion), according to PRIME Database. The list includes Carlsberg’s India business and Oyo parent Prism.

- Ends