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Jio Platforms draws over $20 billion in IPO bids ahead of launch

The company is targeting an IPO valuation of up to $108 billion, with anchor investor selection still pending.

Reported · Written up by our desk · India

Jio Platforms Ltd., the digital services arm of Reliance Industries, has attracted more than $20 billion in bids ahead of its planned IPO, which could become India’s biggest-ever share sale, Bloomberg reported, citing people familiar with the matter.

The reported bid interest includes domestic investors as well as global firms Fidelity, Allianz, and Capital Group. A final list of IPO anchor investors is expected to be decided in the coming days, and the process is still ongoing with no final decisions made.

After earlier expectations pointed to a valuation as high as $170 billion, Jio Platforms is now aiming for a valuation of up to ₹10.3 trillion (about $108 billion) in the IPO, according to people familiar with the matter.

In June, domestic brokerage Motilal Oswal Financial Services estimated Jio Platforms’ valuation at between $115 billion and $118 billion, while Dolat Capital valued the company at about $110 billion.

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