Jio Platforms, the digital arm of Reliance Industries led by Mukesh Ambani, is seeking to raise up to $3.2 billion in what could be India’s biggest IPO. The price band is ₹1,065 to ₹1,119 (about $11.19–$11.76) per share for up to 270 million new shares, with subscriptions open October 21–23; at the top of the band, Jio would be valued at about ₹10.3 trillion (around $108.3 billion). In the quarter ended June, Jio’s revenue rose nearly 12% to ₹391.7 billion and net profit climbed 9% to ₹77.6 billion, and it had more than 524 million subscribers as of March 31. Of the proceeds, up to ₹275 billion ($2.9 billion) will repay debt at its telecom unit Reliance Jio Infocomm, with the rest for general corporate purposes.
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