Public bidding for the $3.2 billion initial public offering (IPO) of Jio Platforms opened on Wednesday, marking the first IPO from billionaire Mukesh Ambani’s Reliance conglomerate in two decades.
The Jio Platforms IPO will serve as a major test of global investor appetite for new share offerings at a time when investors have intensified their scrutiny of AI-related companies.
The IPO values Jio Platforms at up to $108.3 billion, potentially making it one of India’s biggest companies by market capitalisation when trading begins on October 28.
Earlier this week, Jio Platforms allotted shares worth $853 million to global and domestic investors. Retail investors, employees and Reliance shareholders will be eligible to participate in the offering, which closes on Friday. The price band has been set at Rs 1,065 to Rs 1,119 per share.
Jio Platforms is the parent company of India’s largest telecom operator, which has more than 500 million subscribers.
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