Jio Platforms, Ambani's telecom firm, launches India's largest IPO
Billionaire Mukesh Ambani is taking his low-cost broadband company public, with the float set for Wednesday and a target valuation of £81bn.
By Standard Topic. AI-generated from the reporting listed under Coverage. Published . Updated .
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What happened
Jio Platforms plans to raise up to $3.2 billion in an IPO that is India's largest ever in rupee terms but second largest in dollar terms. Anchor bids have topped $26 billion, with BlackRock and GIC among the investors chasing the offering. Ambani's company is set to float on the stock market on Wednesday.
Why it matters
The offering aims for a valuation of £81bn when Jio Platforms floats.
Timeline
- Oct 19, 10:44 PM ET: Anchor bids for Jio Platforms' IPO topped $26 billion, with BlackRock and GIC among the investors chasing it.
- Oct 20, 5:53 AM ET: Billionaire Mukesh Ambani launched the IPO, which aims for an £81bn valuation when it floats on Wednesday.
Coverage
- Billionaire Mukesh Ambani launches India’s biggest-ever IPO (The Guardian)
- BlackRock, GIC among investors chasing Indian telecom major Jio's IPO as anchor bids top $26 billion (CNBC)
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