Ambani’s Jio to make Mumbai trading debut after record US$3.2 billion India IPO
Grey-market premium points to gains of about 22%
Mumbai is set to witness the trading debut of Asia's richest man Mukesh Ambani's telecoms and digital unit, Jio Platforms, following its record US$3.2 billion India IPO. The IPO attracted US$77 billion in bids, making it the most subscribed offering ever in India. Jio Platforms, valued at up to US$108.3 billion, will potentially become one of India's biggest companies by market capitalisation when trading begins.
Backed by Meta and Alphabet's Google, Jio serves over 530 million customers. The listing marks a significant step in Ambani's plan to transform Reliance Industries, which was originally an oil-and-chemicals conglomerate, into an "everything company" spanning consumer and technology sectors.
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