Ambani’s Jio seeks $3.2 billion in potential record India IPO, TechCrunch reports

Mukesh Ambani’s Jio is seeking to raise about $3.2 billion in an initial public offering, potentially India’s largest, TechCrunch reported today. The company plans to direct most of the proceeds to repaying debt as it expands beyond its core telecom business, according to TechCrunch.

A record-sized float from India’s dominant wireless operator would test appetite for big-cap listings and deepen funding for the country’s digital infrastructure push, and gauge public markets’ readiness to price large tech-adjacent platforms. The potential listing would follow a wave of sizable Indian IPOs in recent years and could draw interest from global funds rotating into India-focused plays, and mark a milestone in Reliance’s broader consumer and digital pivot. Watch for Jio to file its draft prospectus and set a price band, and for details on timing, valuation, and listing venue. [Developing. This article will be updated.]