Jio Platforms targets $120-140 billion IPO valuation in India's largest offering yet. Mukesh Ambani's telecom and digital holding company will see existing investors including TPG, KKR, General Atlantic, and Silver Lake sell stakes in what marks a secondary share sale with no new capital raised. Parent Reliance Industries will not offload shares. The IPO, involving 17-19 investment banks, is expected to see approximately 2.5-2.7 percent stake divestment. Morgan Stanley and Citi Research analysts value the company at roughly $133 billion, representing a 13 times multiple on estimated 2026-27 enterprise value. The offering comes amid global market volatility from geopolitical tensions in West Asia, which may impact investor sentiment following India's record IPO year in 2025.
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