Ambani’s Jio seeks to raise $3.2B in what could be India’s biggest IPO

In the quarter ended June, Jio’s revenue rose nearly 12% from a year earlier to ₹391.7 billion (about $4.1 billion), while its net profit climbed 9% to ₹77.6 billion (around $816 million), per its IPO prospectus (PDF).

Jio has set aside shares worth up to ₹25 billion (about $263 million) for eligible Reliance Industries shareholders and another ₹5 billion ($53 million) for employees, who will receive a discount of ₹54 per share.

Of the IPO proceeds, Jio plans to use up to ₹275 billion ($2.9 billion) to repay debt at its telecom subsidiary, Reliance Jio Infocomm, with the remaining proceeds going toward general corporate purposes, per the prospectus.