Stocks
Meta-Backed Jio Platforms Gets Greenlight for Record-Breaking Indian IPO
India's largest telecom operator and digital service provider Jio Platforms has secured regulatory approval to launch its initial public offering (IPO).
The company, backed by Meta and Google, is estimated to raise around 377 billion rupees ($3.9 billion) through the IPO, making it one of the country's largest.
Reliance Industries, led by Indian billionaire Mukesh Ambani, owns more than 66% stake in Jio Platforms, while Meta's affiliate Jaadhu Holdings and Google International own nearly 10% and 7.7%, respectively.
The funds raised will be used to pare the debt of its subsidiary Reliance Jio Infocomm, which is India's largest wireless operator.