Billionaire Mukesh Ambani launches India’s biggest-ever IPO
Summary
Mukesh Ambani, India’s second-richest man, is launching the country’s largest-ever initial public offering (IPO) for his telecom company, Jio Platforms. The IPO aims to raise about 302 billion rupees (£2.4 billion) and could value Jio at 10.3 trillion rupees, making it one of India’s biggest companies.Key Facts
- Jio Platforms is a telecom company owned by Reliance Industries and led by Mukesh Ambani’s son, Akash Ambani.
- The IPO plans to offer up to 270 million new shares, priced between 1,065 and 1,119 rupees each.
- Jio has secured 212 anchor investors, including big global investment firms like BlackRock and Fidelity.
- Over 400,000 Reliance employees are encouraged to buy shares with a discount of 54 rupees per share.
- At its highest valuation, Jio would be India’s fourth-largest company behind Reliance Industries, Bharti Airtel, and HDFC Bank.
- Jio started telecom services in 2016 and quickly gained millions of users by offering low-cost internet.
- The IPO’s valuation is lower than initial expectations due to a slowdown in India’s stock market this year.
- Jio plans to grow further into areas like artificial intelligence and cloud computing.
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