Jio IPO: Akash Ambani says Rs 30,213 crore issue will push company towards net debt-free status

Jio Platforms is set to raise about Rs 30,213 crore at the upper end of its price band of Rs 1,065-1,119 per share, valuing the company at around Rs 10.3 lakh crore and making it larger than Hyundai Motor India's 2024 IPO. The entire issue is a fresh issue with no offer for sale, and Reliance Industries (66.4%), Meta, Google, Mubadala and Saudi PIF will retain their holdings. Up to Rs 27,500 crore of proceeds will go toward repaying borrowings of Reliance Jio Infocomm as the company targets net debt-free status, having already cut net debt from Rs 39,036 crore to Rs 9,539 crore.