Billionaire Ambani’s Jio to debut after record India IPO

Reliance Industries, led by billionaire Mukesh Ambani, saw its digital arm, Jio Platforms, make its debut on the Indian stock market on Wednesday following a record-breaking initial public offering (IPO). Jio Platforms, which operates India's largest mobile network and handles the company's digital services, raised approximately US$3.2 billion, with shares priced at 1,119 rupees ($11.76) each. The IPO was India's largest ever and saw robust demand, with investors applying for over 22 times the shares available.

The IPO listing, one of the most anticipated events of the year, attracted grey market platforms that displayed a premium of around 22% for Jio shares. However, experts cautioned that these unofficial indicators might not accurately predict early trading performance. Despite a weak year for Indian equities, most analysts expect decent listing gains for Jio.

Jio Platforms, launched a decade ago, has a proven execution record and has rapidly gained subscribers from rivals Bharti Airtel and Vodafone by offering steep discounts. With over 530 million subscribers, the company currently generates most of its revenue from telecom services. However, it has expanded into digital services and artificial intelligence in recent years. Experts believe Jio is central to Reliance's strategy to diversify beyond oil refining and supports its future technology ambitions.

Local media reported that Jio is considering launching a low Earth orbit satellite constellation to provide internet services from space, potentially competing with SpaceX's Starlink. SpaceX's founder, Elon Musk, recently accused unnamed Indian oligarchs of preventing Starlink's rollout in the country and referred to Ambani as "Prime Minister Ambani" and the "real boss of India." Reliance responded by stating they have never feared competition and welcome rival offerings in satellite communications, including Starlink.