穆克什·安巴尼正为印度有史以来规模最大的首次公开募股做准备，Jio Platforms Ltd.的早期全球支持者的回报看起来相对较为温和，这部分原因是卢比多年持续贬值。
Mukesh Ambani prepares for India’s biggest-ever initial public offering, the returns for the early global backers of Jio Platforms Ltd. are looking relatively modest, partly because of the rupee’s relentless multiyear slide.
根据彭博社的计算，在发行价格区间的上限，Meta Platforms Inc.将获得货币调整后的回报率为81%，即年化复合回报率约为10.4%。其他投资者的回报更为温和，包括Alphabet Inc.、沙特阿拉伯公共投资基金和KKR，年化回报率约为8.2%。
At the upper end of the offering price band, Meta Platforms Inc. would generate a currency-adjusted return of 81%, or a compound annual return of roughly 10.4%, according to calculations by Bloomberg. Returns for other investors, including Alphabet Inc., Saudi Arabia’s Public Investment Fund and KKR are more muted, at about 8.2% a year.
2020年疫情高峰时期，Reliance Industries Ltd.为Jio筹集了200亿美元，这是印度前所未有的交易。安巴尼凭借将印度最大的无线运营商转变为庞大的数字服务平台的愿景，赢得了全球商业和金融领域的一些大牌支持。其他参与方还包括Silver Lake Management LLC、Vista Equity Partners、Mubadala投资公司、General Atlantic、阿布扎比投资局和TPG资本。
Reliance Industries Ltd.’s $20 billion fundraising for Jio in mid-2020, at the height of the pandemic, was an unprecedented deal in India. Ambani won over some of the biggest names in global business and finance with his vision of transforming India’s largest wireless operator into a sprawling digital-services platform. Other participants included Silver Lake Management LLC, Vista Equity Partners, Mubadala Investment Co., General Atlantic, Abu Dhabi Investment Authority and TPG Capital.
与过去六年标普500指数年均回报约17%的表现相比，这些投资者的回报如今显得较为温和。
Their returns now look muted in comparison with the S&P 500 Index, which has delivered an annual average return of about 17% over the past six years.
Jio的现有投资者在此次IPO中没有一人套现退出。此次发行完全是首次发行，公司将以最高价区间发行2.7亿股新股，筹资约3020亿卢比。
None of Jio’s existing investors are cashing out in the IPO. The offering is entirely primary, with the company selling 270 million new shares to raise about 302 billion rupees at the top of the price range.
回报凸显了卢比贬值如何侵蚀了海外投资者的收益，尽管Jio的估值在当地货币条款下已大幅上升。卢比在此期间对美元贬值了约23%，从2020年7月的约75卢比跌至约96卢比。
The returns highlight how the rupee’s depreciation has eroded gains for overseas investors even as Jio’s valuation has climbed substantially in local-currency terms. The rupee has weakened about 23% against the dollar over the period, to roughly 96 from about 75 in July 2020.
根据IPO招股说明书，Meta获分配的股价为每股488.34卢比，而其他投资者获分配的股价为每股549.31卢比。目前Jio在IPO中每股报价为1065至1119卢比，公司估值约为10.3万亿卢比（约1070亿美元）。
Meta was allotted shares at 488.34 rupees apiece, while other investors were allotted shares at 549.31 rupees each in 2020, according to the IPO prospectus. Jio is now offering its shares at 1,065 rupees to 1,119 rupees in the IPO, valuing the company at about 10.3 trillion rupees ($107 billion).
该交易预计将在上限筹集约3020亿卢比，这将超过现代汽车印度有限公司2024年10月的2780亿卢比股票发行，目前该发行是该国规模最大的。
The deal is set to raise about 302 billion rupees at the upper end, which would surpass Hyundai Motor India Ltd.’s 278 billion-rupee share sale in October 2024, currently the country’s biggest.