Global funds and domestic institutions have reportedly lined up for Reliance’s digital arm, which is eyeing a valuation of about $108 billion, well below earlier talk of $170 billion, as anchor allocations near.
Jio Platforms, the digital services arm of Reliance Industries, has reportedly received bids exceeding $20 billion for its initial public offering, putting it on track to become the biggest share sale in India’s history.
Citing people familiar with the matter, Bloomberg reported that major international investors, including Fidelity, Allianz and Capital Group, have shown interest alongside other global and Indian institutions. The details are not public, and the final anchor investor list is expected to be settled within days. No allocation decisions have been finalised, the report said.
Valuation takes centre stage
Jio Platforms is said to be aiming for a valuation of up to Rs 10.3 lakh crore, roughly $108 billion. That is notably lower than earlier projections that had reportedly touched $170 billion, a gap that is likely to shape how investors judge the company’s growth outlook and potential returns.
Given Jio’s weight in India’s telecom and digital services sectors, the offering is expected to draw strong interest from both domestic and overseas institutional buyers.
Akash Ambani, managing director of Jio Platforms, has been steering the preparations and outreach. According to Bloomberg, he and his team have met investors in key financial hubs in recent weeks, including Hong Kong, London and New York.
People who attended those sessions said investors pressed management on the valuation target and on how the company plans to earn money from its digital services and platforms.
The monetisation question
Those questions go to the heart of the investment case. Jio Platforms runs a wide ecosystem anchored by Reliance Jio’s telecom network, along with a range of digital applications and services. Investors want to know how that large user base can be converted into lasting revenue growth and profit, particularly beyond basic connectivity.
The listing is being watched closely because of its scale and the company’s importance to India’s telecom and digital economy. If it proceeds at the proposed size, it could set a new benchmark for the country’s IPO market.
Attention will now turn to three developments: the final issue size, the valuation at which shares are offered, and the makeup of the anchor investor group as the process moves forward.
