JIO TARGETS $114 BILLION VALUATION FOR IPO

Reliance Industries' telecom arm Jio Platforms is targeting a valuation of about $114 billion as it prepares what would be India's largest-ever IPO. The offering will sell just 2.93% of the company's post-issue equity, enough to raise roughly $3.4 billion, with shares set to open the week of October 19 and list before October 30. Reliance Industries ($RIGD) is choosing to keep nearly all of Jio in-house while testing only a sliver of it on public markets.