Ambani's Jio to make Mumbai trading debut after record $3.2 billion India IPO

Mumbai will witness the trading debut of Mukesh Ambani's telecoms and digital company Jio Platforms on Wednesday. This follows the $3.2 billion IPO which attracted a staggering $77 billion in bids, making it India's most subscribed offering ever. Ambani's Jio, valued at up to $108.3 billion, boasts over 530 million customers and is on track to become one of India's largest companies by market capitalization post-listing.

The company, backed by tech giants Meta and Alphabet's Google, is part of Reliance Industries' plan to transform itself from an oil-and-chemicals conglomerate into a diverse "everything company" encompassing consumer and technology sectors. The Jio listing ceremony is expected to be attended by Ambani's eldest son, Akash Ambani, who serves as the company's managing director.

The grey market, an unregulated platform that allows trading in unlisted shares, indicates a 22% gain in Jio share prices ahead of the listing. With numerous brokerages praising the $108.3 billion valuation, some see potential upside, despite cautioning about competition, substantial capital expenditure, and evolving Indian telecom regulations, including spectrum, licensing, and fees.