Jio IPO opens as satellite options remain under review

Jio Platforms’ initial public offering opened on October 21, 2026, as Managing Director Akash Ambani said the company is assessing satellite connectivity options while its business remains heavily reliant on telecom revenue. The offering covers up to 270 million newly issued shares, priced at ₹1,065 to ₹1,119 each, according to the prospectus. Bidding is scheduled to close October 23. Jio Platforms proposes to use up to ₹27,500 crore of net proceeds to repay or prepay borrowings at its telecom subsidiary, Reliance Jio Infocomm. The IPO does not include shares sold by existing owners, and the proceeds will go to Jio Platforms. Ambani said Jio is evaluating the possibility of a sovereign low-Earth-orbit satellite constellation for India as well as potential partnerships. He described satellite connectivity as a complement to terrestrial networks, with possible uses in maritime and aviation services and remote areas. He gave no timeline, saying any decision would depend on technology developments and approvals. The satellite plan remains under evaluation; no launch date or selected approach was announced. Ambani described an indigenous satellite capability as a long-term...