Jio Platforms, India's largest telecom operator backed by Meta and Google, will raise up to 302 billion rupees ($3.2 billion) through an IPO from October 21 to 23. The company plans to sell 270 million shares priced between 1,065 and 1,119 rupees each, making it the largest IPO in India by rupee value, though second largest in dollar terms after Hyundai Motors' $3.3 billion IPO in 2024. Despite positioning as a tech company, Jio's valuation at around $108 billion is lower than expected and below Bharti Airtel, the country's second largest telecom firm. Reliance Industries owns over 66% of Jio, with Meta and Google holding significant stakes but not selling in the IPO. Jio also aims to expand satellite communications in India, entering competition with Elon Musk's Starlink.
Meta Platforms and Alphabet (Google) both show significant market caps on Pluang, at $1.94 trillion and $4.30 trillion respectively, as of Oct 15, 2026 09:11 WIB. Despite the large backing of Jio Platforms by these tech giants, Meta's shares fell 4.37% and Alphabet's dropped 3.19% on the same day. The IPO's scale contrasts with the mixed investor sentiment seen in these major tech stocks on Pluang, where Meta's order activity is evenly split between sell and buy, while Google sees a heavier sell bias at 78%.
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