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

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Meta, then known as Facebook, invested $5. 7 billion, while Google committed $4. 5 billion. 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). 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.

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