据知情人士透露，Jio Platforms Ltd.在计划中的首次公开募股中，有望获得约11万亿卢比（约合1140亿美元）的估值。不过这一数值仍低于此前市场预期——即便如此，这仍有望成为印度有史以来规模最大的IPO。
By Rajesh Mascarenhas, P R Sanjai and Baiju Kalesh Jio Platforms Ltd. is likely to seek a valuation of about 11 trillion rupees ($114 billion) in its planned initial public offering, according to people familiar with the matter, falling short of earlier expectations for what may still be the country’s largest-ever listing.
作为亿万富翁穆克什·安巴尼旗下的信实工业有限公司旗下的电信及数字服务业务板块，Jio Platforms已完成对此次IPO市场需求的摸底工作。上述知情人士称，由于信息属于机密，他们要求匿名。Jio Platforms很可能于本周开始与潜在投资者会面，商讨估值及定价事宜。
The telecom and digital services arm of billionaire Mukesh Ambani’s Reliance Industries Ltd. has finished gauging demand for the offering and is likely to begin meetings with potential investors this week to discuss valuation and pricing, the people said, asking not to be identified because the information is private.
据这些人士透露，这家印度最大的无线通信运营商计划于10月19日当周启动IPO程序，并争取在10月30日前挂牌上市。目前相关磋商仍在进行中，最终的上市日期、估值及其他细节均有可能出现变动。
India’s largest wireless operator is looking to open its IPO the week of Oct. 19 and list before Oct. 30, the people said. Deliberations are ongoing and the final dates, valuation and other details could change, they said.
Jio Platforms方面暂未对记者的置评请求作出回应。
A representative for Jio didn’t immediately respond to a request for comments.
若上述估值得以实现，Jio Platforms将成为印度市值排名第三的上市公司，仅次于母公司信实工业——后者的市值约为1690亿美元。Jio Platforms的主要电信竞争对手巴蒂电信有限公司的市值则约为1160亿美元。
The valuation would also make Jio India’s third most valuable publicly traded company, behind parent Reliance, which has a market capitalization of about $169 billion. Bharti Airtel Ltd., Jio’s main telecommunications rival, is valued at about $116 billion.
据彭博社测算，Jio Platforms今年6月提交了招股说明书草案，计划发行最多2.7亿股新股，这一数量相当于发行后总股本的2.93%左右。此前市场流传的估值预期更高，一度预计其市值可达1300亿至1700亿美元区间。
Jio filed its draft prospectus in June for an offering of as many as 270 million new shares, equivalent to about 2.93% of its post-issue equity capital, according to Bloomberg calculations. Valuation figures floated earlier were higher, including in the $130 billion to $170 billion range at one point.
不过近期股市大幅下挫削弱了印度多家企业的IPO定价预期，就连印度国家证券交易所的备受瞩目的IPO项目也不得不缩减规模。今年6月，印度本土券商Motilal Oswal Financial Services曾预计Jio Platforms的估值在1150亿至1180亿美元之间；而Dolat Capital给出的估值则约为1100亿美元。
But a stock rout has dented the pricing ambition of several IPOs in the country, including the marquee offering of National Stock Exchange of India Ltd., which was forced to downsize its deal. In June, local brokerage Motilal Oswal Financial Services estimated Jio’s valuation at between $115 billion and $118 billion, while Dolat Capital valued the company at around $110 billion.
以1140亿美元的估值计算，此次拟发行的Jio股票价值约为34亿美元，这一数额仍高于现代汽车印度子公司2024年募得的2787亿印度卢比（约合29亿美元）。
At a $114 billion valuation, the Jio shares being offered would be worth about $3.4 billion, still surpassing the 278.7 billion rupees ($2.9 billion) raised by Hyundai Motor Co.’s Indian unit in 2024.
此次Jio的IPO进一步活跃了本就十分活跃的印度资本市场。据彭博社统计，今年7月至9月期间，印度IPO市场募集的资金总额突破90亿美元，创下同期历史最高纪录。至此，今年迄今为止的募资总额已逾130亿美元。
Jio’s offering adds to an already busy year for India’s IPO market. Listing proceeds surpassed $9 billion in the July-September quarter, the most ever for the period, according to data compiled by Bloomberg. That pushed fundraising so far this year to more than $13 billion.
目前，Jio已聘请包括科塔克·马辛德拉资本公司、摩根士丹利、美国银行证券公司、艾克西斯资本有限公司、法国巴黎银行以及花旗集团在内的19家银行负责此次股票发行事宜。
The company has appointed 19 banks to work on the share sale, including Kotak Mahindra Capital Co., Morgan Stanley, BofA Securities Inc., Axis Capital Ltd., BNP Paribas and Citigroup Inc.