Jio Set for Trading Debut Following $3.2 Billion IPO
Jio Platforms, the telecom and digital services arm of Reliance Industries, will debut on the Mumbai stock market on Wednesday following a record $3.2 billion IPO that garnered bids totaling $77 billion, making it India's most-subscribed offering. The company, valued at up to $108.3 billion and serving over 530 million customers, is poised to become one of India's largest firms by market capitalization. Akash Ambani, the managing director of Jio Platforms and son of Chairman Mukesh Ambani, is expected to attend the listing ceremony. The IPO is part of Ambani's strategy to diversify Reliance Industries beyond its traditional oil and chemicals business into technology and consumer services.
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