Ambani’s Jio to make Mumbai trading debut after record US$3.2 billion India IPO

[MUMBAI] Asia’s richest man Mukesh Ambani’s telecoms and digital unit Jio Platforms is set to list in Mumbai on Wednesday (Oct 28), after its US$3.2 billion IPO drew US$77 billion in bids in India’s most-subscribed offering ever.

Valued at up to US$108.3 billion, Jio, backed by Meta and Alphabet’s Google, serves more than 530 million customers and will potentially become one of India’s biggest companies by market capitalisation when trading starts.

The listing furthers Ambani’s plan to turn Jio’s parent Reliance Industries from an oil-and-chemicals conglomerate into an “everything company” spanning consumer and technology.

The listing ceremony for Jio is expected to be attended by Akash Ambani, Ambani’s eldest son, who is managing director, an industry source with direct knowledge said.

Reliance did not respond to a Reuters request for comment.

Busy IPO market

Ahead of the listing, the premium for Jio shares in the grey market - an unregulated market that allows investors to trade in unlisted shares - indicates gains of about 22 per cent.

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India has become the world’s busiest IPO market in 2026 by number of deals, with 246 listings so far, but ranks fourth by money raised at US$13.5 billion, behind the United States, mainland China and Hong Kong, LSEG data showed.

Several brokerages called the US$108.3 billion valuation attractive, with some pointing to potential upside, though they flagged competition, heavy capital spending and changes in India’s telecom rules, including on spectrum, licensing and fees, as risks. REUTERS