Reliance Industries shares jumped 3% after Jio Platforms filed for a $4 billion IPO, India's largest ever. The offering could value Jio at $137 billion.
Reliance Industries shares jumped nearly 3% on Monday after its digital unit Jio Platforms filed draft papers for what could become India's largest-ever initial public offering. The stock climbed 2.75% to ₹1,345.45 on the BSE, while the NSE saw a 2.70% gain to ₹1,344.90.
The rally extended gains from Friday, when billionaire Mukesh Ambani outlined a growth roadmap spanning artificial intelligence, satellite broadband, clean energy and consumer businesses at the company's 49th annual general meeting. The blue-chip stock helped drive the broader market higher, with the BSE Sensex up 454 points to 77,253 and the Nifty climbing 136 points to 24,149.
Jio Platforms filed a draft red herring prospectus with market regulator SEBI on Friday for a fresh issue of up to 27 crore shares. Sources familiar with the matter said the offering could raise about ₹37,700 crore ($4 billion), valuing the company at roughly $137 billion.
The IPO aims to unlock value from Jio Platforms, whose telecom arm has grown into the world's second-largest mobile operator by subscribers in a single country after China Mobile. The filing comes after years of speculation about a public listing for the digital unit, which has transformed India's telecom and technology landscape since its launch in 2016.
Ambani's AGM speech on Friday also included plans for Jio's satellite broadband service, which is expected to launch commercially later this year, and a push into AI infrastructure. The company has been investing heavily in data centers and cloud computing capabilities to support its digital services.
Reliance Industries shares have gained about 12% year-to-date, outperforming the broader market. The stock trades at roughly 28 times trailing earnings, a premium to many global peers, reflecting investor expectations for Jio's growth trajectory.
The IPO is expected to hit the market in the coming months, subject to SEBI approval. Bankers including Morgan Stanley, Goldman Sachs and Kotak Mahindra Capital are said to be advising on the offering.
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