Jio Platforms, the telecom and digital arm of billionaire Mukesh Ambani, has lowered its valuation ahead of next week's IPO, which will raise up to 302 billion rupees (nearly $3.2 billion) and values the company at around $108 billion, below the over $130 billion floated a year ago. Nomura said enterprise value has shrunk to $118 billion from the $133 billion previously expected, while the equity valuation sits below Bharti Airtel's market capitalization of over $117 billion. Jio positions itself as a tech company, but its monthly ARPU of 214 rupees ($2.25) trails Airtel's, and some experts say it lacks the product expertise to be treated as one. Jio plans to use IPO proceeds to repay 275 billion rupees of telecom debt, then fund green AI infrastructure and a low-earth-orbit satellite network, while Meta and Google, holding nearly 10% and 8%, are not exiting in the offering. The listing comes amid a spat with Elon Musk, who called Jio 'monopolistic' and blamed Ambani for delays to Starlink's launch in India.
Summary written by Upside AI from the original article. Read the source for full details.
Related news
- Ambani’s Jio seeks to raise $3.2B in what could be India’s biggest IPO
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.
- Marco Rubio to visit Indian billionaire Ambani's refinery in Gujarat as U.S. diesel prices surge
U.S. Secretary of State Marco Rubio is set to visit Reliance Industries' Jamnagar refinery in India, the world's largest, as U.S. diesel prices surge ahead of the midterm polls; his trip to India runs between Oct. 17 and 22. The International Energy Agency has warned that diesel market constraints may keep prices elevated into next year, and President Trump earlier this month paused Russia sanctions to allow Moscow's supplies into the global market. U.S. Ambassador Sergio Gor said the visit was scheduled given Reliance's investment in a U.S. refinery project and hinted that Mukesh Ambani would meet Rubio, though Reliance did not respond to CNBC's queries. Experts say the trip focuses on business deals, and Jamnagar, with crude processing capacity of 1.4 million barrels per day, has strong capacity to export diesel.
- Why this billionaire investor says SpaceX could reach a $50 trillion valuation someday
Yahoo Finance's Brian Sozzi comments on billionaire investor Ron Baron's view that SpaceX (SPCX) could be worth $20 to $50 trillion in about 10 years, noting Baron has long been bullish on Tesla and Musk. Baron's thesis rests largely on Starlink, which he sees worth roughly $14 to $15 trillion in a decade, plus a large business in data centers in space. Sozzi points out SpaceX's current market cap is about $2 trillion, a gap he describes as huge. He says many things must go right, including Starlink beating AT&T, Verizon and T-Mobile and the reusable rocket program succeeding.
- Anthropic’s $2 Trillion IPO Dream Meets a $1.5 Trillion Reality Check
- Blackstone (BX) Faces Firmus Buyback Risk As $1.5 Billion AirTrunk IPO Slips
Blackstone (NYSE: BX) is linked to a possible forced share buyback dispute at Firmus Technologies, which involves confidential arrangements with Nvidia and Blackstone. Firmus may be obliged to repurchase equity from investors, and Blackstone's financial exposure would depend on the contract terms. Separately, AirTrunk, a data center operator backed by Blackstone, has reportedly postponed a planned US$1.5 billion IPO, citing current market conditions. The article says both issues highlight pressure from complex deal terms and delayed exit timing, and points to Blackstone's next fundraising and realization figures as a key indicator.
- Meta- and Google-backed Jio Platforms to raise up to $3.2 billion in historic IPO in India
Meta- and Google-backed Jio Platforms, India's largest telecom operator, plans to raise up to 302 billion rupees ($3.2 billion) by selling 270 million shares priced between 1,065 and 1,119 rupees, with the offering running from October 21 to 23. It would be India's largest IPO in rupee terms but second largest in dollar terms, behind Hyundai Motors' $3.3 billion IPO in 2024. Prime Database had expected Jio to raise around 377 billion rupees, but at the top of the price range the company is valued at about $108 billion, well below earlier expectations. Deven Choksey of DRChoksey Finserv told CNBC that Jio is at its core a telecom company earning most revenue from selling internet data, and at its current price it would be valued below Bharti Airtel, which has a market cap of $117.5 billion. Reliance Industries holds over 66% of Jio, Meta and Google will not sell their stakes, and Jio plans satellite services with around 1,600 LEO satellites and 23 ground stations, amid Elon Musk's accusation that Ambani is blocking Starlink's launch in India.
Related markets
Latest news
- JPMorgan Backs Two Defense Startups With $5 Billion
JPMorgan has already committed half of its $10 billion investment pool to hypersonic-missile maker Castelion and defense manufacturer Hadrian. The bet reflects America's push to rebuild its defense industrial base.
- X-Energy, Amazon, AEP Partner To Evaluate Feasibility Of 960 MW Nuclear Project In Indiana – A Look At The Key Highlights
X-energy and American Electric Power (AEP) announced a joint development agreement to evaluate the feasibility of a proposed 960-megawatt small modular reactor project in Indiana, with Amazon supporting development through a milestone-based funding agreement. The plant would feature 12 Xe-100 units near the former Breed Generating Station in Sullivan County, redeveloping an AEP-owned brownfield site. It is the second commercial project under the X-energy and Amazon collaboration, which aims to bring more than 5 gigawatts of new nuclear capacity to the U.S. grid by 2039. At the time of writing, XE was up 2%, AMZN gained 3.75%, and AEP fell 1.13%.
- Waymo Will Be “a Trillion Dollar Business. Easy” per VC Investor
Bessemer Venture Partners' Sameer Dholakia says Waymo could become a trillion-dollar business by expanding from ride-hailing into personal car ownership, trucking and logistics. The article notes Bessemer invested in Waymo's $16 billion February round, which valued the company at $126 billion. Waymo reached 500,000 paid rides a week in March, but Sacra estimates its annualized revenue at only $355 million in February, under 0.1% of Alphabet's $403 billion in 2025 revenue. Alphabet trades at 25.0x forward earnings, within its usual range, while Uber trades at 18.2x, a level analyst Walter Piecyk links to the threat from Waymo and Tesla's Robotaxi.
- Jensen Huang Declares NVIDIA Can Win “in the Absence of Any AI Labs”
NVIDIA CEO Jensen Huang said on the BG2 podcast that about a third of the business, classical computing unrelated to AI labs, is growing 30% to 40% a year, while frontier labs account for roughly 25% to 30% of compute. In the three months to July 26, 2026, revenue rose 106% to $96.2 billion, with AI clouds, industrial and enterprise revenue up 138%. Steve Eisman cited a 10-Q line showing 70% of NVIDIA's accounts receivable comes from five customers, though the article notes receivables are not the same as revenue share. NVIDIA trades at 17.7x forward earnings, near its three-year low of 17.5x and well below its 30.3x average.
- AWS Margin Expansion and Retail Execution Power Amazon (AMZN) in Q3
Wedgewood Partners reported that its Wedgewood Composite returned 2.5% net in the third quarter of 2026, compared with 2.3% for the S&P 500 and 0.9% for the Russell 1000 Growth. In its investor letter, the firm named Amazon a leading contributor, citing AWS revenue growth accelerating to 37% from 17% a year earlier and a 63% rise in the segment's operating income. AWS backlog of around $500 billion is more than double last year's level and up 37% from 90 days earlier, and Wedgewood said this demand supports a plan to double AWS capacity from circa 2025 levels by 2027. Advertising grew 26% and generated over $75 billion in revenue over the past 12 months. As of October 16, 2026, Amazon closed at $250.00, with a market capitalization of $2.7 trillion and a 21.22% gain over the past year.
- Bitcoin is rejected at $83K as US bond yields reverse higher with equities
Bitcoin failed to follow rising equities as a wall of sell orders above $83,000 across exchanges capped gains, and BTC slipped below $82,000 after Monday's Wall Street open. The Nasdaq Composite gained 1.5% and South Korea's KOSPI rose 1.76% to 5,768 points, while the US 10-year yield climbed to 5.13% and the 30-year to 5.46%, moving in step with stocks ahead of major tech earnings from Meta, SpaceX and Tesla. QCP Capital warned that a repeat of last week's tech sell-off could threaten the $80,000 support level. Crypto liquidations totaled $335 million over 24 hours, and the Binance whale ratio fell to 0.45 from 0.54 at the start of October.
Get the briefing on Telegram or Zalo
Join the Upside Telegram channel or Zalo group for the Vietnam stocks and gold briefing at 8:00 and 19:00 (Vietnam time) on trading days, plus a weekly wrap on Saturday morning.