Thailand plans to sell up to $10.7 billion of government bonds from October to December

Mukesh Ambani's Jio Platforms has announced plans for an initial public offering (IPO) on October 21, with the aim of raising approximately $3.8 billion. According to two sources familiar with the matter, the shares are expected to be listed on October 28. This would make Jio Platforms the biggest listing in India, surpassing the previous record holder, Hyundai Motor India's $2.9 billion IPO in 2024.

The National Stock Exchange of India also listed last month after its $2.3 billion IPO. The sources, who were not authorized to speak to the media, declined to comment, and Reliance did not respond to a request for comment from Reuters. The funds raised from the IPO will primarily be used to repay debt owed by Jio Platforms' telecom division.

Jio Platforms, which includes major foreign investors such as Meta and Google, operates in various sectors including AI, cloud services, and enterprise networking. India has witnessed an influx of companies opting for IPOs, with proceeds raised during April to September this year marking a record for the period. Additionally, around 250 companies are currently in the pipeline to raise a combined total of $48 billion through IPOs, according to data from PRIME Database.

This includes foreign investments from Danish brewer Carlsberg and hotel aggregator Oyo's parent company, Prism.