Ambani’s Jio Platforms files for $4.9 billion IPO that could be India’s biggest, sources say

NEW DELHI – Indian billionaire Mukesh Ambani’s Reliance Jio Platforms has filed regulatory papers for a Mumbai initial public offering (IPO) to raise around US$3.8 billion (S$4.9 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….