India's Jio IPO opens for public bids in record $3.2 billion sale
MUMBAI: Public bidding for the $3.2 billion IPO of Jio Platforms opens on Wednesday, testing the appetite for India’s largest share sale to date and the first from billionaire Mukesh Ambani’s Reliance conglomerate in two decades. The Jio Platforms IPO will be a major test of global appetite for new share offerings at a time when investors have sharpened their scrutiny of AI-related companies,…
Mumbai, October 26 - India's Jio Platforms IPO begins public bidding on Wednesday, marking the largest share sale in India's history and the first from billionaire Mukesh Ambani's Reliance group in two decades. The auction underscores the cautious global interest in new share offerings, as investors focus on the potential decline of AI-driven companies.
Backed by tech giants Meta and Google, and institutional investors, Jio Platforms is owned by India's leading telecom company, which boasts over 500 million subscribers, ranking second globally after China Mobile.
With a market capitalization of up to $108.3 billion, the IPO sets the stage for Jio Platforms to potentially become one of the biggest Indian companies by value upon listing on October 28. Retail investors, employees, and shareholders of Reliance will have a chance to participate in the offering, with around a third of shares reserved for them.
Jio Platforms allocated $853 million worth of shares to global and domestic investors, including Abu Dhabi Investment Authority and BlackRock, earlier this week, with bids exceeding $25 billion.
The IPO, the first from Reliance since 2006, surpasses previous major listings like Hyundai Motor India and National Stock Exchange. Ambani initially pledged a listing within five years in 2019, but the plans were postponed in 2025 due to the Iran war dampening IPO appetite. Jio Platforms, launched in 2016 by Ambani's son Akash, revolutionized the Indian market by offering affordable data and free voice calls, quickly stealing market share from rivals Bharti Airtel and Vodafone Idea.
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