Jio Platforms files India IPO for up to 270 million shares

Jio Platforms, the telecom and digital arm of Mukesh Ambani's Reliance Industries, filed draft papers Friday for an Indian initial public offering of up to 270 million shares. The company owns Reliance Jio Infocomm, India's biggest wireless operator, with more than 526.94 million subscribers and nearly half of the country's wired and wireless internet market, according to the telecom regulator. Reliance Industries holds more than 66% of Jio Platforms, while Meta Platforms owns nearly 10% and Google International holds 7.7%, LSEG data shows. The filing comes as India's IPO market shows signs of recovering after Middle East conflict and weak local equities delayed large deals.