Billionaire Mukesh Ambani is set to make India’s largest-ever IPO by raising 302.13 billion rupees ($3.2 billion) for his digital services company Jio Platforms as it seeks to leverage robust investor appetite, Financial Times reports.
When it kicks off for public subscription on Wednesday and wraps up on Friday, Jio is valued at roughly $108 billion in the IPO. Its price range is announced at 1,065-1,119 rupees, Reuters reports.
The listing has already received bids of over $25 billion for the tranche that is being offered to anchor investors, with the bidding surpassing the shares on offer by over 30 times, Reuters reported on Monday.
Black Rock, Fidelity Investments, the Abu Dhabi Investment Authority and India’s Life Insurance Corporation.
Jio, run by Ambani’s son Akash Ambani, has over 500 million customers and has diversified into broadband, cloud computing, entertainment and artificial intelligence.
Of the funds raised, up to 275 billion rupees will be used for repayment or prepayment of borrowings at its telecom unit Reliance Jio Infocomm.
The IPO will top the $2.9 billion IPO from Hyundai Motor India in 2024, the biggest in the country to date, and put international investors’ risk appetite for India’s technology sector to the test in turbulent markets.
