Indian billionaire Mukesh Ambani is preparing to launch what could become the country’s largest-ever initial public offering (IPO), with Reliance Industries-backed Jio Platforms seeking to raise up to ₹302 billion (£2.4 billion). The Mumbai-based telecommunications and digital services company, which counts Meta and Google among its investors, is targeting a valuation of approximately ₹10.3 trillion (£81 billion) as its public share offering opens Wednesday, October 21. Led by Akash Ambani, Jio has already secured commitments from 212 anchor investors, including major global financial institutions such as BlackRock, Fidelity Investments, JPMorgan Asset Management, Singapore’s sovereign wealth fund and the Abu Dhabi Investment Authority.
According to Reliance Industries, Jio has established an IPO price range of ₹1,065 to ₹1,119 per share, offering up to 270 million new shares. Retail investors will be able to participate beginning Wednesday, with the subscription period scheduled to close Friday. At the upper end of the proposed valuation, Jio would become India’s fourth-largest publicly traded company, behind Reliance Industries, Bharti Airtel and HDFC Bank. The valuation would also represent more than double its estimated worth in 2020, when Meta and Google invested in the business. However, the offering comes amid challenging market conditions, with India’s benchmark Nifty 50 index declining more than 12 per cent this year, while Jio’s targeted valuation has fallen below earlier expectations exceeding £110 billion.
Established in 2016, Jio transformed India’s telecommunications industry by introducing affordable mobile internet services and intensifying competition among providers. The company attracted 16 million subscribers during its first month and surpassed 100 million users within 170 days of launching. As it prepares for its stock market debut, Jio is looking beyond telecommunications, with plans to expand into artificial intelligence, cloud computing and digital infrastructure. The landmark offering is expected to attract significant investor attention and could mark a major milestone for India’s technology sector despite the broader stock market slowdown.
