MUMBAI: Public bidding for the US$3.2 billion IPO of Jio Platforms opens on Wednesday (Oct 21), testing the appetite for India’s largest share sale to date and the first from billionaire Mukesh Ambani’s Reliance conglomerate in two decades.
The Jio Platforms IPO will be a major test of global appetite for new share offerings at a time when investors have sharpened their scrutiny of AI-related companies, which some analysts say could see them pivoting away from the technology.
With backing from Meta, Google and institutional investors, Jio Platforms is home to India’s biggest telecom company with more than 500 million subscribers, making it the world’s second-largest telecom operator in a single country after China Mobile.
The IPO values Jio Platforms at up to US$108.3 billion, potentially making it one of India’s biggest companies by market capitalisation when trading starts on Oct 28, with around a third of the shares on offer reserved for retail investors.
Jio Platforms this week allotted shares worth US$853 million to global and domestic investors including Abu Dhabi Investment Authority and BlackRock after the reserved portion for such investors drew bids totalling more than US$25 billion.
FESTIVE LAUNCH DATE
Retail investors, employees and shareholders of Reliance will get to participate in the offering that closes on Friday and has a price range set at 1,065 to 1,119 rupees per share.
The IPO is the first from Reliance since 2006 and is bigger than previous major listings such as Hyundai Motor India and National Stock Exchange.
Ambani first promised a listing within five years in 2019, and the plans were also delayed in 2025. A filing for as early as March was pushed back after the Iran war dampened IPO appetite.