Ambani’s Jio seeks to raise $3.2B in what could be India’s biggest IPO
Ambani’s Jio seeks to raise $3.2B in what could be India’s biggest IPO
Jio Platforms, the digital arm of Indian billionaire Mukesh Ambani’s Reliance Industries, is seeking to raise as much as $3.2 billion in what could be India’s biggest initial public offering. The listing will test public-market appetite for a company that attracted more than $20 billion from global investors, including Google and Meta in 2020.
印度亿万富翁穆克什·安巴尼（Mukesh Ambani）旗下信实工业（Reliance Industries）的数字部门 Jio Platforms 正寻求筹集高达 32 亿美元的资金，这可能成为印度规模最大的首次公开募股（IPO）。此次上市将考验公开市场对该公司的胃口，该公司曾在 2020 年吸引了包括谷歌和 Meta 在内的全球投资者超过 200 亿美元的投资。
On Wednesday, Reliance Industries said in a stock exchange filing (PDF) that Jio had set a price band of ₹1,065 to ₹1,119 (about $11.19 to $11.76) per share for the offering of up to 270 million new shares (PDF). The IPO will open for subscription on October 21 and close on October 23, with bidding for anchor investors scheduled for October 19.
周三，信实工业在提交给证券交易所的文件中表示，Jio 已为其最多 2.7 亿股新股的发行设定了每股 1,065 至 1,119 卢比（约合 11.19 至 11.76 美元）的价格区间。此次 IPO 将于 10 月 21 日开放认购，10 月 23 日截止，基石投资者的竞价定于 10 月 19 日进行。
At the upper end of the proposed price band, the IPO would value Jio at about ₹10.3 trillion (around $108.3 billion), based on the number of shares expected to be outstanding after the offering. In 2020, Jio was valued at up to ₹4.91 trillion (about $65 billion at the time). Meta, then known as Facebook, invested $5.7 billion, while Google committed $4.5 billion.
按照拟定价格区间的上限计算，基于发行后预计的流通股数量，此次 IPO 对 Jio 的估值约为 10.3 万亿卢比（约合 1083 亿美元）。2020 年时，Jio 的估值最高为 4.91 万亿卢比（当时约合 650 亿美元）。当时名为 Facebook 的 Meta 投资了 57 亿美元，而谷歌则承诺投资 45 亿美元。
Jio’s IPO is set to overtake Hyundai Motor India’s ₹278.7 billion ($3.3 billion at the time) offering in 2024, the country’s biggest to date, even if its shares are priced at the lower end of the range. Since launching in 2016, Jio has grown into India’s largest telecom operator, with more than 524 million subscribers as of March 31, ahead of Bharti Airtel, Vodafone Idea, and state-owned BSNL.
即使按价格区间的下限定价，Jio 的 IPO 也将超过现代汽车印度公司 2024 年 2787 亿卢比（当时约合 33 亿美元）的发行规模，成为印度迄今为止规模最大的 IPO。自 2016 年推出以来，Jio 已成长为印度最大的电信运营商，截至 3 月 31 日拥有超过 5.24 亿用户，领先于 Bharti Airtel、Vodafone Idea 和国有的 BSNL。
It initially drew customers with free data and cheap plans, though its prices are now comparable to those of its rivals. Over time, Jio has grown beyond a telco and expanded into broadband, cloud services, and other digital businesses.
它最初通过免费数据和廉价套餐吸引客户，尽管其目前的价格已与竞争对手相当。随着时间的推移，Jio 已超越了电信运营商的范畴，扩展到了宽带、云服务和其他数字业务领域。
Jio’s IPO comes as Elon Musk has stepped up his criticism of Ambani, accusing him of trying to keep Starlink out of India. The accusation comes more than a year after Jio and rival Airtel signed deals with Musk’s SpaceX to distribute Starlink’s satellite internet service in India, subject to regulatory approvals. Indian authorities have rejected Musk’s claims.
Jio 的 IPO 正值埃隆·马斯克（Elon Musk）加强对安巴尼的批评之际，他指责安巴尼试图将星链（Starlink）拒之印度门外。这一指控发生在一年前，当时 Jio 和竞争对手 Airtel 与马斯克的 SpaceX 签署了协议，在获得监管部门批准的前提下，在印度分销星链的卫星互联网服务。印度当局已驳回了马斯克的说法。
In the quarter ended June, Jio’s revenue rose nearly 12% from a year earlier to ₹391.7 billion (about $4.1 billion), while its net profit climbed 9% to ₹77.6 billion (around $816 million), per its IPO prospectus (PDF). Jio has set aside shares worth up to ₹25 billion (about $263 million) for eligible Reliance Industries shareholders and another ₹5 billion ($53 million) for employees, who will receive a discount of ₹54 per share.
根据其 IPO 招股说明书，在截至 6 月的季度中，Jio 的收入同比增长近 12%，达到 3917 亿卢比（约合 41 亿美元），净利润增长 9%，达到 776 亿卢比（约合 8.16 亿美元）。Jio 已预留了价值高达 250 亿卢比（约合 2.63 亿美元）的股票供符合条件的信实工业股东认购，并为员工预留了 50 亿卢比（约合 5300 万美元）的股票，员工将获得每股 54 卢比的折扣。
Of the IPO proceeds, Jio plans to use up to ₹275 billion ($2.9 billion) to repay debt at its telecom subsidiary, Reliance Jio Infocomm, with the remaining proceeds going toward general corporate purposes, per the prospectus.
根据招股说明书，Jio 计划将 IPO 所得款项中的 2750 亿卢比（约合 29 亿美元）用于偿还其电信子公司 Reliance Jio Infocomm 的债务，其余款项将用于一般企业用途。