Jio Platforms targets valuation of up to $108 billion for planned IPO

Jio Platforms has drawn $20 billion in bids for its planned initial public offering, or IPO.

The company is targeting a valuation of up to $108 billion, or 10.3 trillion rupees.

That target is below earlier expectations of up to $170 billion.

An IPO is when a company offers shares to investors on a public market.

The difference shows that the valuation being sought is lower than the earlier estimate.

The company is pursuing a plan to sell shares, but the available information does not say when the IPO will take place.