Jio Set to File for India IPO Within Days, FT Reports

Mukesh Ambani's Jio Platforms plans to file for an initial public offering in Mumbai within days, the Financial Times reported, citing people familiar with the matter.

The listing would bring the telecom and technology arm of Reliance Industries to public markets. Jio Platforms, valued at roughly $100 billion in its last private fundraising round, could raise $5 billion to $7 billion, people told FT. That would make it one of India's largest IPOs by size.

Jio transformed India's telecom sector since its 2016 launch, driving mobile data prices down and subscriber numbers past 450 million. The unit also houses a stack of digital services, including payments and entertainment. Reliance Industries, controlled by Ambani, has sold stakes in Jio to global investors including Meta and Google.

The parent company's stock has run up this year on IPO expectations. Reliance accounts for roughly 6% of the Nifty 50's weight. A Jio listing would give the broader Indian equity market a new large-cap name in the telecom-services space.

Indian IPOs have been a bright spot in Asia this year, with companies raising over $10 billion through June, according to exchange data. The Jio filing is expected in the coming days, the people said.