Jio Platforms Attracts Over $20B in Bids Ahead of Record India IPO
Jio Platforms has drawn more than $20 billion in bids for what would be India’s largest listing, with Fidelity, Allianz, and Capital Group expressing interest. The company is now targeting approximately $108 billion, down from the $170 billion discussed with bankers last November.
The share sale is expected to open next week, with the listing completed by October 30th. The final anchor list is due within days, according to Bloomberg.
Allianz, a German company, and Akash Ambani’s roadshow included stops in London, Hong Kong, and New York.
The price drop can be attributed to several factors. When Jio filed in June, analysts estimated its value between $131 billion and $180 billion. The timing also played a role; Databricks' CEO previously stated that 2026 is a "terrible year" for IPOs due to competition for investment funds from high-profile companies like SpaceX, Anthropic, and OpenAI.
Bankers interpret this differently, believing that the American wave will positively impact European listings. Jio’s IPO serves as a test case for this theory.
The strong demand, totaling $20 billion, is notable, but it was achieved after price adjustments. The funds will be allocated for various purposes, including the planned $10 billion to $15 billion satellite constellation for Indian broadband, primarily funded through debt. European banks, including BNP Paribas and Barclays, are among the lenders being repaid.
Meta, Alphabet, Mubadala, and Saudi Arabia’s Public Investment Fund are all participating in the offering, with the top end raising approximately 302 billion rupees, potentially setting a new record for India.
Story by Ana-Maria Stanciuc, TNW’s Editor-in-Chief