From the Guardian · · 1m 30s
Ambani launches India's biggest IPO despite market downturn
Jio Platforms targets a ten point three trillion rupee valuation as it floats on Wednesday, backed by major global fund managers.
In brief
Jio Platforms targets a ten point three trillion rupee valuation as it floats on Wednesday, backed by major global fund managers. Mukesh Ambani's Jio Platforms launches India's biggest-ever IPO on Wednesday, targeting a ten point three trillion rupee valuation despite a stock market slowdown. Originally reported by…
Jio Platforms launches India's biggest IPO
Mukesh Ambani's Jio Platforms, a low-cost broadband provider backed by Meta and Google, is launching what could be India's biggest-ever initial public offering on Wednesday.
Targeting ten point three trillion rupee valuation
Jio aims to raise up to three hundred and two billion rupees and is targeting a ten point three trillion rupee valuation when it floats, making it India's fourth-largest company.
Major global investors back the offering
Jio secured two hundred and twelve anchor investors on Monday, including BlackRock, Singapore's sovereign wealth fund, the Abu Dhabi Investment Authority, Fidelity Investments and JP Morgan Asset Management.
Valuation falls short of earlier expectations
The top valuation is far below initial expectations of more than one hundred and ten billion pounds when the telecoms group posted a draft prospectus in the summer, amid a broader stock market slowdown in…
Jio's origin story sparked by poor connectivity
Isha Ambani told investors the business idea came when she and brother Akash struggled with internet connectivity returning to India from the US around two thousand nine to ten.
“What followed was a conversation about why should India be left behind.”
The key point
Mukesh Ambani's Jio Platforms launches India's biggest-ever IPO on Wednesday, targeting a ten point three trillion rupee valuation despite a stock market slowdown.
