Mukesh Ambani’s Jio seeks US$3.2bil in record India IPO

India's telecom giant Jio Platforms is set to launch its much-anticipated initial public offering (IPO) in the coming weeks, aiming to raise over US$3 billion, according to a statement released by Reliance Industries, the conglomerate's digital arm. The company, led by billionaire Mukesh Ambani, plans to sell 270 million new shares at a price range of 1,065-1,119 rupees (US$11.22-US$11.79) per share. If the top price is reached, the IPO would surpass the previous record of US$2.9 billion set by Hyundai Motor India in 2024.

Jio Platforms, with its core subsidiary Jio Infocomm, has been Reliance Industries' chief driver in expanding beyond traditional oil refining and petrochemicals into the realms of telecoms, digital services, and green energy. The company's wireless service, Jio Infocomm, has disrupted the Indian market with its competitive pricing strategy, amassing more than 530 million subscribers and handling roughly 60% of the country's mobile data traffic.

Since its launch a decade ago, Jio Platforms has expanded its services to include artificial intelligence, enterprise network solutions, and recently cemented its position as India's most valuable listed company. In 2020, the company successfully raised more than US$20 billion from global investors and technology behemoths such as Meta and Alphabet to fuel its ambitious digital ecosystem spanning payments, entertainment streaming, and online services.