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

Mumbai, India – Jio Platforms, the digital arm of conglomerate Reliance Industries, is set to launch the country's largest initial public offering (IPO) after announcing plans to raise over US$3 billion. The company, led by billionaire Mukesh Ambani, intends to sell 270 million new shares at a price of 1,065-1,119 rupees (US$11.22-11.79) each.

If the shares are sold at the upper end of the range, the IPO would raise approximately US$3.2 billion, breaking the previous national record of US$2.9 billion held by Hyundai Motor India in 2024.

Reliance Industries, India's most valuable listed company, has been diversifying into various sectors beyond its traditional oil refining and petrochemical businesses. Jio Platforms, central to this strategy, has expanded into telecoms, digital services, and green energy. Jio's wireless service, operated by Jio Infocomm, has revolutionized the Indian market with its affordable rates, resulting in over 530 million subscribers and handling approximately 60% of India's mobile data traffic.

The company previously raised more than US$20 billion in 2020 from global investors and technology giants such as Meta and Alphabet, which funded its ambitious digital ecosystem, including payments, entertainment streaming, and online services.