Jio Platforms IPO priced at $108 billion, below earlier talks of $130 billion-plus

What happened?

1. The pricing values Jio Platforms at about $108 billion in equity terms, versus valuations of more than $130 billion discussed a year earlier, CNBC reported.
2. Nomura said in a Sunday report, drawing on a Bloomberg report from the previous week, that Jio's enterprise valuation fell to $118 billion from the $133 billion previously expected.
3. LSEG data cited by CNBC puts Bharti Airtel's market capitalisation above $117 billion, above the $108 billion equity value assigned to Jio.
4. Filings for Jio Platforms' IPO put monthly average revenue per user at 214 rupees ($2.25), versus 257 rupees on Airtel mobile, 527 rupees from home internet, and 158 rupees on digital TV.
5. Elon Musk, the Starlink founder, described Jio as "monopolistic" last week, CNBC reported; Reliance Industries did not respond to CNBC's emails seeking comment.

A filing on Wednesday from Reliance Industries indicated that up to 302 billion rupees (nearly $3.2 billion) could be raised through the Jio Platforms IPO, with shares priced at 1,065 to 1,119 rupees each, putting the company's valuation at approximately $108 billion. That compares with valuations above $130 billion discussed a year ago, and Nomura put enterprise value at $118 billion versus $133 billion expected earlier. The price band places Jio's equity value below Bharti Airtel's market capitalisation of more than $117 billion, per LSEG data cited by CNBC.

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