Mukesh Ambani's Jio seeks $3.2 billion in record India IPO

Mumbai, India: Jio Platforms, the digital subsidiary of Reliance Industries, seeks to raise over $3 billion in the largest initial public offering (IPO) in India's history. Led by billionaire Mukesh Ambani, the company plans to issue 270 million new shares priced between 1,065 and 1,119 rupees each. If the highest price is reached, the IPO would generate approximately $3.2 billion, eclipsing the previous record of $2.9 billion set by Hyundai Motor India in 2024.

Subscriptions for the IPO will open on October 21, with the shares expected to begin trading a week later. Reliance Industries, India's most valuable listed company, has been expanding its operations beyond oil refining and petrochemicals into telecoms, digital services, and renewable energy, with Jio Platforms as the cornerstone of this strategy.

Jio Platforms, best known for its mobile operator Jio Infocomm, has disrupted India's telecommunications market with aggressive pricing and has amassed more than 530 million subscribers, accounting for roughly 60% of the country's mobile data traffic. The company has raised more than $20 billion from global investors and technology firms such as Meta and Alphabet since its 2020 IPO, enabling the development of a vast digital ecosystem encompassing payments, streaming, and online services.