6 hours ago - Economy

Jio Platforms breaks India's IPO record

Dan Primack

Illustration of the Indian flag with a collage of various lines, rectangles, and triangles — Illustration: Sarah Grillo/Axios

Jio Platforms, India's largest telecom and digital services provider, raised $3.2 billion in its IPO at around a $106 billion valuation.

Why it matters: This was India's largest IPO ever, topping prior record-holder Hyundai Motor India.

Cap table: Jio Platforms is a carveout of Mukesh Ambani's Reliance Industries, and had raised billions of private market dollars from Alphabet, Meta, KKR, Silver Lake, Vista Equity Partners, TPG, Qualcomm Ventures, Intel Capital, ADIA, and Mubadala.

Investor reax: Jio shares surged 27% during their first trading day, helping Reliance leapfrog Tata Group to become India's largest conglomerate by market cap.

Go deeper, via Reuters BreakingViews: "Investors had to weigh the Ambanis' digital dreams against risks including the potential disruption from satellite-based connectivity: Elon Musk's Starlink has been waiting since 2022 to operate commercially in India and, if granted access, would be a direct competitor."

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Jio Platforms breaks India's IPO record

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