Jio Platforms Ltd. is preparing India's largest initial public offering, aiming to raise about $3.2 billion, with the offering opening on Oct. 21. The IPO tests how much the Reliance brand still resonates with retail investors, particularly younger ones.
For generations, Reliance Industries Ltd. introduced middle-income savers to the stock market, thanks to founder Dhirubhai Ambani's efforts to build a following of individual investors. Nearly fifty years later, his billionaire son Mukesh and grandson Akash lead a vastly different market. India now has over 130 million registered stock-market investors, nearly 40% under 30, according to National Stock Exchange of India data.
Older shareholders regarded Reliance as a long-term holding, while younger investors prioritize growth, profits and valuation. Mahendra Chheda, 69, a veteran trader, praised Dhirubhai's ambition and the Ambani legacy, but his son Hardik, 44, said he plans to take profits soon after listing, reflecting a shift in investment mindset.
Under Mukesh's leadership, Reliance has grown from textiles and chemicals into India's most valuable company spanning energy, consumer goods and telecom. Jio will sell shares at 1,065 to 1,119 rupees apiece, valuing the company at about $108 billion, a discount to Bharti Airtel's $125 billion market value.
Source: Bloomberg Markets · Summarized by HeadlinesBriefing