Ambani's Jio to make Mumbai trading debut after record $3.2 billion India IPO

Business Recorder reported that Mukesh Ambani’s Jio Platforms is due to begin trading in Mumbai on Wednesday, following an IPO that raised $3.2 billion. The offering attracted $77 billion in bids, making it India’s most-subscribed issue, and valued the company at as much as $108.3 billion.

Jio serves more than 530 million customers and is backed by Meta and Google, according to the report. Its listing is part of Ambani’s effort to broaden Reliance Industries beyond oil and chemicals into consumer and technology businesses. India has recorded 246 IPOs this year, though its $13.5 billion raised ranks fourth globally; brokerages cited competition, high capital spending and telecom rule changes as risks to Jio.