Jio IPO | Mumbai, Oct. 21: Reliance Industries-backed Jio Platforms’ $3.2 billion initial public offering (IPO) was fully subscribed within two hours of opening on Wednesday, October 21. The offering marks India’s largest share sale and the first IPO from billionaire Mukesh Ambani’s Reliance group in two decades.
The IPO is attracting strong early demand despite subdued market conditions. However, retail investor participation remained slow during the initial hours, according to exchange data.
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Institutional investors bid for 3.25 times their reserved portion. In contrast, retail investors subscribed to just 0.22 times their allocated quota.
Jio IPO Valuation Reaches $108.3 Billion
Jio Platforms is seeking a valuation of up to $108.3 billion through the IPO. Trading is scheduled to begin on October 28, while public bidding will close on Friday.
The company has fixed its price band at ₹1,065 to ₹1,119 per share. Approximately one-third of the issue is reserved for retail investors.
Jio Platforms operates India’s largest telecom company, serving more than 500 million subscribers. It is the world’s second-largest telecom operator in a single country, behind China Mobile.
The company has backing from Meta, Google and institutional investors. Earlier this week, it allotted shares worth $853 million to global and domestic investors, including the Abu Dhabi Investment Authority and BlackRock.
The reserved investor portion attracted bids worth more than $25 billion, highlighting institutional interest in the offering.
Telecom Business Drives Jio’s Earnings
Jio Platforms reported approximately $3.2 billion in profit on revenue of $15.5 billion for the financial year ended March. Its telecom business contributed around 90% of both figures.
The business began operations in 2016 under the leadership of Mukesh Ambani’s son, Akash Ambani. It gained market share by offering affordable mobile data and free voice calls.
Jio’s IPO will test global investor appetite for large Indian share offerings. It also comes amid increased scrutiny of artificial intelligence companies and concerns about technology sector valuations.
The offering follows delays in Reliance’s listing plans. Ambani first promised a listing within five years in 2019. Plans were also delayed in 2025, while a proposed March launch was postponed amid concerns about the Iran war and its impact on IPO demand.
The company is launching the offering during India’s festive season, traditionally considered auspicious for purchases. However, Indian equity markets have remained subdued in recent weeks.
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Reliance reportedly paid salaries to more than 400,000 employees around 15 days early this month. The company also facilitated share account openings for employees interested in applying for the IPO.
Reliance Industries did not respond to a request for comment.
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