Jio Platforms, the Mumbai-based telecoms company led by billionaire Mukesh Ambani, is set to float on India's stock market on Wednesday, 21 October, in what could be the country's largest initial public offering to date, according to The Guardian. The Guardian reports the company is seeking to raise up to 302bn rupees (about £2.4bn) and is targeting a valuation of 10.3tn rupees (about £81bn).
The offering is going ahead despite a downturn in the stock market, the report says. Jio Platforms, a low-cost broadband and mobile provider, is backed by Meta Platforms and Google, the Guardian reports. Ambani, India's second-richest person according to the same report, is described as launching the sale.
The details available so far come from a short summary of the report. The final issue price, investor demand and the closing valuation were not in the material reviewed and remain unconfirmed until the listing takes place.
This dispatch is based on a public report by The Guardian World. We label it reported; a report is not an independent confirmation.
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