Jio Files for $3B IPO; Accenture Cuts Weigh on IT Stocks

Jio Platforms filed its draft red herring prospectus with the Securities and Exchange Board of India on Wednesday, kicking off what is expected to be one of the country's largest-ever public offerings. The company plans to raise roughly $3 billion through a fresh issue of shares, people familiar with the matter said.

The filing comes after months of speculation about the timing of the listing. Jio, the telecom and digital services arm of Reliance Industries, has raised more than $25 billion from investors including Meta, Google and KKR since 2020. The IPO will test demand for a company that dominates India's mobile data market but faces rising capital expenditure requirements for its 5G rollout and fiber expansion.

Separately, Accenture lowered its full-year revenue forecast, sending its shares down more than 7% in U.S. trading. The consulting giant cited slower decision-making by clients and a pullback in discretionary spending. The warning hit Indian IT stocks in early trade Thursday, with Infosys, Tata Consultancy Services and Wipro all opening lower.

Accenture's guidance is closely watched by Indian IT investors because the company's results often serve as a bellwether for the sector. The lowered forecast suggests global enterprises are still cautious on technology spending, even as artificial intelligence-related projects pick up. Indian IT firms derive a large portion of their revenue from North America and Europe.

For Jio, the IPO filing marks a milestone in Reliance's broader strategy to unlock value across its digital and retail businesses. The company's telecom unit had 470 million subscribers as of December. The offering will include a fresh issue component, with the exact size and price band expected in the coming weeks.