India billionaire Mukesh Ambani’s Jio IPO fully subscribed in just 100 minutes
MUMBAI, Oct 21 — Billionaire Mukesh Ambani’s Jio Platforms attracted enough investor bids to fully subscribe...
Mumbai, October 21 — Mukesh Ambani's Jio Platforms saw a surge in investor demand, fully subscribing its IPO within 100 minutes of opening today. The initial public offering, aimed at raising up to US$3.2 billion, is the largest expected listing in India this year. Jio Platforms, the digital services arm of Reliance Industries, already boasts over 533 million subscribers, providing a substantial base for future growth.
Analysts foresee positive returns when the stocks debut in Mumbai next week, although Indian equities have underperformed this year. Launched a decade ago, Jio's wireless service revolutionized the market with affordable rates, rapidly gaining users from competitors Bharti Airtel and Vodafone. However, analysts highlight the need to demonstrate revenue from new digital services.
The IPO, seven years in the making, occurs amidst challenges for Reliance, India's most valuable listed company, still reliant on its traditional oil business for income. US tensions arose when White House adviser Peter Navarro accused Indian tycoons of benefiting from the Ukraine war by purchasing discounted Russian crude, although Ambani distanced himself by supporting the construction of America's first major new oil refinery in over half a century.
Ambani is set to meet US Secretary of State Marco Rubio in Jamnagar today, as Washington endeavors to strengthen energy ties with India. Experts emphasize Jio's role in Reliance's strategy to shift away from its oil focus and realize its broader technological aspirations, including plans for a satellite constellation to offer internet services from space.
Written by urgent.news from Malay Mail's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
