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

Jio Platforms, the digital services arm of Reliance Industries, is scheduled to make its stock market debut in Mumbai on Wednesday, Oct. 28. The listing follows a record-breaking initial public offering that raised approximately US$3.2 billion at 1,119 rupees per share. According to Straits Times Business, the IPO attracted robust demand with investors applying for more than 22 times the shares offered. Business Recorder reports the offering was India’s most-subscribed ever, drawing $77 billion in bids.

The move is part of Mukesh Ambani’s strategy to transition Reliance Industries from an oil-and-chemicals conglomerate into an "everything company" covering technology and consumer sectors, as noted by Channel News Asia and Business Recorder. Jio Platforms, which serves over 530 million customers and is backed by Meta and Alphabet’s Google, could potentially become one of India's largest companies by market capitalization.

While grey market platforms showed a premium of around 22% ahead of the debut, Straits Times Business notes that experts caution these unofficial indicators can be unreliable.

Brief written by urgent.news from Channel News Asia, Straits Times Business, The Economic Times - Economy, Business Recorder, Winnipeg Free Press — 5 reports on this story. Machine-written — may contain errors; check the original before relying on it.