Jio files for India’s biggest IPO, eyes Airtel-sized valuation

Reliance Industries-backed Jio Platforms on Friday filed draft papers for what could become the country’s largest initial public offering (IPO), with the company proposing a fresh issue of 270 million equity shares and earmarking up to Rs 27,500 crore of the proceeds to prepay borrowings at its telecom arm Reliance Jio Infocomm (RJIL).

While the final size of the issue will depend on the price band, brokerages including Morgan Stanley and Jefferies have previously estimated Jio Platforms’ valuation at $120-150 billion, implying a fund raise that could exceed Rs 40,000 crore and surpass the Rs 27,860-crore IPO of Hyundai Motor India, currently the country’s largest public issue.