Mukesh Ambani’s Jio Platforms is launching India’s largest-ever IPO, aiming for a $3bn raise despite a market downturn and stiff competition. Backed by Meta and Google, the telecom giant seeks a $107bn valuation—down from initial $150bn expectations. The listing comes after seven years of planning, amid global oil stress on parent Reliance Industries and weak foreign investor sentiment toward Indian tech equities.
Jio, which disrupted the market with $2/month plans, now has 533 million users—third globally. Employees are being encouraged to buy shares, with Reliance facilitating participation. Cornerstone investors bid $26bn, 30x the quota, including BlackRock, Fidelity, and Singapore’s sovereign fund.
Analysts warn of saturated mobile growth, emphasizing ARPU expansion. Airtel remains a preferred pick due to premium subscribers. Isha Ambani, Mukesh’s daughter and Jio director, said the vision sparked from poor connectivity during their US studies.
The IPO is seen as a generational milestone, though valuation cuts reflect broader India recalibration.
Source: Financial Times Companies · Summarized by HeadlinesBriefing