Ambani's Jio files for $3.8b IPO

NEW DELHI, June 19 (Reuters): Indian billionaire Mukesh Ambani's Reliance Jio Platforms has filed regulatory papers for a Mumbai IPO to raise around $3.8 billion, sources said, in what could be a record listing for the country.

The IPO aims to unlock value from a company that includes Jio's telecom business, the world's second-largest operator by single-country subscribers after China Mobile. Jio Platforms counts Meta and Google among its major foreign investors.

Proceeds from the offering will largely be used to repay debt of the telecoms business. Jio Platforms also runs AI, cloud and enterprise network businesses.

The IPO will test India's capital markets, which have cooled in recent months after the US-Israeli conflict with Iran rattled global markets and weighed on investor sentiment.

The IPO is targeting a fundraising of around 360 billion rupees ($3.81 billion), three sources familiar with the matter said, equal to about 2.9% of its post-issue equity, valuing the business at around $131 billion.

The IPO prospectus, which did not contain the fundraising target, said proceeds will be used to repay an estimated 275 billion rupees ($2.92 billion) of Reliance Jio Infocomm's debt.