4 hrs ago
Jio Platforms targets India’s biggest IPO, Akash Ambani says
Jio Platforms plans to sell shares to the public in an IPO.
Akash Ambani said the company hopes it will be India’s biggest public offering.
He did not give a date for it.
Sunil Bharti Mittal, who leads rival Airtel, said he hopes it succeeds.
Ambani also said Jio wants its services to remain affordable.
He said satellites could help bring broadband internet to more homes.
The government said it is checking security matters for satellite communications companies.
Jio is also planning a satellite network for India.
Akash Ambani said Jio Platforms aims to make its planned IPO India’s largest public offering and create shareholder value.
The offering is estimated at around ₹35,000 crore; the company has not announced a timeline.
Bharti Airtel chairman Sunil Bharti Mittal welcomed the planned IPO, while Airtel’s market capitalization was reported at ₹11.2 trillion.
Ambani said Jio would prioritize affordable services and described satellite connectivity as a way to expand home broadband access.
The government said security assessments are underway for three satellite communications licensees; Mittal said Eutelsat OneWeb is awaiting its approval.
- Who
- Jio Platforms, with managing director Akash Ambani discussing the planned IPO; Bharti Airtel chairman Sunil Bharti Mittal also commented.
- What
- Jio Platforms is preparing a public offering that Ambani hopes will be India’s largest.
- Where
- At the India Mobile Congress in India.
- When
- Ambani made the comments on Thursday at the India Mobile Congress; the IPO timeline has not been announced.
- Why
- Jio says the offering is an important step for the company and aims to create shareholder value.
Key facts
- Estimated IPO size
- Around ₹35,000 crore
- IPO timeline
- Not yet announced; Ambani said details would be revealed at the right time.
- Jio Platforms age
- 10 years, according to Ambani
- Airtel market capitalization
- ₹11.2 trillion, according to BSE
- Jio satellite plan
- A planned constellation of 1,600 satellites
- Jio home coverage claim
- Ambani said Jio covers 99% of Indian homes.
- Government review
- Security assessments are underway for all three satellite communications licensees.
Quotes
Sunil Bharti Mittal
Founder and Chairman of Bharti Enterprises
“Of course, the IPO is the biggest step for us as a company. We are a 10-year-old company. We truly believe that the future ahead is very exciting.”
livemint.com
“We’re doing a public issue. It’s not a confidential IPO. At the right time, you’ll know the timelines. But we’re working very hard on it.”
financialexpress.com
Sources
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