Jio Platforms set to target nearly $106 bn valuation in IPO

Indian billionaire Mukesh Ambani's Jio Platforms is targeting a valuation of 10.3 trillion rupees ($106.48 billion) in what would be the country's biggest listing, four bankers on the deal said on Friday.

Jio Platforms, which counts Meta and Google among its major foreign investors, is set to price its shares at 1,065-1,119 rupees apiece, the sources told Reuters.

The IPO would raise about 302 billion rupees at the upper end of the price band.

The sources were not authorised to speak to media and declined to be named. Reliance did not immediately respond to a Reuters request for comment.