Jio’s $3.2 billion IPO topped 7 times subscribed in India
What’s next: Trading is set to start Oct. 28, with the deal valuing Jio Platforms at up to $108.3 billion.
Jio Platforms’ $3.2 billion initial public offering drew bids for more than seven times the shares on offer by Friday, cementing the Reliance unit’s sale as India’s biggest-ever IPO. The book had already filled within two hours when bidding opened on Wednesday, an unusually fast start for a major Indian listing. Jio, led by Akash Ambani and backed by Meta Platforms and Alphabet’s Google, serves more than 500 million mobile users. The company set a price band of 1,065 to 1,119 rupees a share, implying a valuation of as much as 10.3 trillion rupees, or $108.3 billion. Investors are watching the deal as a gauge of demand for large new listings as scrutiny of AI-linked stocks intensifies.