Daijiworld Media Network - Mumbai
Mumbai, Oct 21: The public bidding for Jio Platforms’ $3.2-billion initial public offering (IPO) opens on Wednesday, in what is set to become India’s largest share sale to date and the first IPO from billionaire Mukesh Ambani’s Reliance conglomerate in two decades.
The IPO will test investor appetite for new share offerings amid growing scrutiny of artificial intelligence-related companies and concerns over investment trends in the technology sector. Backed by Meta, Google and institutional investors, Jio Platforms operates India’s largest telecommunications company, with more than 500 million subscribers, making it the world’s second-largest telecom operator in a single country after China Mobile.
The offering values Jio Platforms at up to $108.3 billion. Trading is scheduled to begin on October 28, potentially placing the company among India’s largest listed firms by market capitalisation. Around one-third of the shares on offer have been reserved for retail investors.
Earlier this week, Jio Platforms allotted shares worth $853 million to global and domestic investors, including the Abu Dhabi Investment Authority and BlackRock. The portion reserved for these investors reportedly attracted bids exceeding $25 billion.
The IPO will remain open until Friday, with the price band fixed at Rs 1,065 to Rs 1,119 per share. Retail investors, employees and Reliance shareholders will be eligible to participate in the offering.
The issue is Reliance’s first since 2006 and is larger than previous major listings, including those of Hyundai Motor India and the National Stock Exchange.
Ambani first promised a stock market listing for Jio within five years in 2019, but the plans faced repeated delays. A proposed listing earlier this year was postponed after the Iran war dampened investor appetite for IPOs.
Jio’s telecom business, led by Ambani’s son Akash, began operations in 2016 with a strategy of making internet access affordable through low-cost data and free voice calls. The approach helped the company rapidly gain market share from rivals such as Bharti Airtel and Vodafone Idea.
The company is launching the IPO during India’s ongoing Hindu festive season, traditionally considered an auspicious period for purchases, although stock markets have remained subdued in recent weeks.
Reliance reportedly paid salaries to its more than 400,000 employees around 15 days ahead of schedule this month. The company also facilitated the opening of share trading accounts in recent weeks for people interested in applying for the IPO, according to an industry source familiar with the matter. Reliance did not respond to a request for comment.
For the financial year ended March 2026, Jio Platforms reported a profit of around $3.2 billion on revenue of $15.5 billion. Its telecommunications business accounted for approximately 90% of both figures.