Ambani's Jio to debut in Mumbai after record $3.2 billion Indian IPO
Mukesh Ambani's telecoms and digital unit Jio Platforms lists in Mumbai on Wednesday after its IPO drew $77 billion in bids, Reuters reports.
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what happened
Jio Platforms, the telecoms and digital unit of Mukesh Ambani, is set to start trading in Mumbai on Wednesday, Reuters reports. Its $3.2 billion offering drew $77 billion in bids, making it the most subscribed IPO in India's history.
Jio is valued at up to $108.3 billion and serves more than 530 million customers. It is backed by Meta and Google's parent Alphabet, and could become one of India's biggest companies by market value once trading begins. Akash Ambani, Ambani's eldest son and a managing director, is expected to attend the listing ceremony, an industry source said.
why it matters
Ahead of the listing, grey market shares of Jio traded at a premium of about 22%. India leads the world by number of IPOs this year with 246 listings, but ranks fourth by money raised at $13.5 billion, behind the US, mainland China and Hong Kong, according to LSEG data. Brokerages call the valuation attractive but flag competition, heavy capital spending and possible changes to telecom rules on spectrum, licensing and fees. Reliance Industries did not respond to Reuters' request for comment.
market impact
Reliance shares and India's IPO market: a large listing at this valuation shapes investor appetite for the sector
tags
instruments
sources
- Ambani's Jio to make Mumbai trading debut after record $3.2 billion India IPO — Reuters, 28 October 2026 at 00:30 UTC
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