Jio Platforms prepares for IPO amid Reliance Industries share decline

Reliance Industries shares have declined by more than 7% over the past month, facing pressure due to lower-than-expected valuation estimates for the upcoming Jio Platforms initial public offering (IPO). While previous estimates placed the digital services subsidiary's value between $130 billion and $170 billion, current reports suggest a valuation of approximately $114 billion (₹10.3 lakh crore).

The Jio Platforms IPO is expected to be priced between ₹1,065 and ₹1,119 per share, aiming to raise roughly ₹37,700 crore ($3.8 billion to $4 billion) through the issuance of up to 27 crore fresh equity shares. Reliance Industries remains the majority shareholder with a 66.43% stake, followed by Meta (via Jaadhu Holdings LLC) at 9.98% and Google International LLC at 7.73%. Other significant investors include Saudi Arabia's Public Investment Fund.

The company is expected to file final papers with SEBI this week. The anchor investor round is scheduled for October 19, with the subscription period set for October 21–23, aiming for a stock exchange listing by the end of October.