Jio IPO buzz: Mukesh Ambani eyes $4 billion raise with 2.5% stake sale

LONDON/MUMBAI/HONG KONG: Reliance Jio Platforms is considering an initial public offering this ‍year that would float 2.5% of the company, a move that could make it the country’s largest-ever IPO worth more than $4 billion.

The company, led ⁠by Mukesh Ambani, is the parent of India’s largest telecom operator Reliance Jio – with more than 500 million users. Its debut is the country’s most highly anticipated IPO this year.

In November, investment bank Jefferies estimated that Reliance Jio’s valuation stood at $180 billion. At that valuation, a 2.5% stake sale would raise $4.5 ‌billion, dwarfing Hyundai Motor ‌India’s $3.3 billion IPO last year.