Jio IPO: Akash Ambani says Rs 30,213 crore issue will push company towards net debt-free status

What happened: Jio Platforms plans an IPO with proceeds of up to Rs 27,500 crore, which Akash Ambani said will move the company toward net debt-free status. He also cited India's projected digital economy. Key numbers: Rs 30,213 crore issue size; up to Rs 27,500 crore of proceeds for debt repayment; $1.4 trillion projected digital economy by FY31. Why it matters: The proceeds are earmarked to repay borrowings and reduce net debt, while Ambani pointed to the projected digital economy as an opportunity for the company.

Jio Platforms plans an IPO with proceeds of up to Rs 27,500 crore, which Akash Ambani said will move the company toward net debt-free status. He also cited India's projected digital economy.

The proceeds are earmarked to repay borrowings and reduce net debt, while Ambani pointed to the projected digital economy as an opportunity for the company.