Key Takeaways
- Public bidding for Jio Platforms IPO opens on Wednesday, valuing the company at up to $108.3 billion.
- The IPO is the first from Reliance since 2006 and is the largest share sale in India to date.
- Jio Platforms, home to India’s biggest telecom company with over 500 million subscribers, aims to list on October 28.
Public bidding for the $3.2 billion IPO of Jio Platforms has opened on Wednesday, marking a significant milestone in India’s financial markets. This is the first major share sale from billionaire Mukesh Ambani’s Reliance conglomerate in two decades.
The IPO is expected to value Jio Platforms at up to $108.3 billion, potentially making it one of India’s biggest companies by market capitalisation when trading starts on October 28. The offering includes around a third of the shares reserved for retail investors, with the price range set at 1,065 to 1,119 rupees per share.
With backing from global giants such as Meta, Google, and institutional investors, Jio Platforms is home to India’s largest telecom company, boasting more than 500 million subscribers. This makes it the world’s second-largest telecom operator in a single country, after China Mobile.
The IPO is a major test of global investor appetite for new share offerings, especially in the context of heightened scrutiny of AI-related companies. Some analysts suggest that this could see a pivot away from technology investments.
Retail investors, employees, and shareholders of Reliance will have the opportunity to participate in the offering, which closes on Friday. The IPO is the first from Reliance since 2006 and is larger than previous major listings such as Hyundai Motor India and National Stock Exchange.
Jio Platforms’ telecom business, led by Ambani’s son Akash, began in 2016 with a strategic bet that Indians would use the internet more if it cost almost nothing. The company has rapidly taken market share from rivals such as Bharti Airtel and Vodafone Idea by offering cheap data and free voice calls.
Ambani first promised a listing within five years in 2019, but plans were delayed in 2025 due to the Iran war dampening IPO appetite. The plans were further pushed back after a filing for as early as March was delayed.
The festive launch date and the backing of global giants underscore the significance of this IPO. With the potential to significantly boost India’s financial markets, Jio Platforms’ IPO is set to be a major event in the country’s corporate landscape.
