Mukesh Ambani’s $3.2 billion Jio IPO attracts more than $16 billion in bids

Indian billionaire Mukesh Ambani’s Jio Platforms attracted estimated investor bids exceeding $24.5 billion as its $3.2 billion initial public offering closed on Friday, October 23, with demand surpassing 10 times the shares available.

The final subscription figures underline strong investor appetite for India’s largest initial public offering, which could value the telecommunications and digital services company at approximately $108.3 billion. Jio is scheduled to begin trading on October 28.

According to Reuters, the public offering drew demand across investor categories, with institutional buyers leading the rush. Qualified institutional buyers subscribed to 26.5 times their allocated portion, while retail investors subscribed 2.3 times their quota. Employees subscribed 2.7 times their allocation, and existing shareholders of Reliance Industries subscribed 6.6 times their portion.

The estimated $24.5 billion in demand assumes bids were placed near the upper end of the offering’s price range of 1,065 to 1,119 rupees per share. The figure represents investor applications rather than money ultimately raised, with the company offering up to 270 million new shares.

Jio’s offering is the first public share sale by a company within Reliance Industries since Reliance Petroleum listed in 2006. Reliance, controlled by Ambani, is not selling existing shares in the transaction. Instead, the proceeds will largely go toward repaying borrowings at Reliance Jio Infocomm, the group’s mobile network subsidiary, with the balance earmarked for general corporate purposes.

The final demand figure builds on the strong start reported by Billionaires.Africa when Jio’s IPO was fully subscribed within two hours of opening. Investor interest continued to grow through the three-day bidding period, with institutional buyers providing the largest share of demand.

Jio operates India’s largest mobile network, serving more than 500 million subscribers. Since launching in 2016, it has reshaped the country’s telecommunications industry through low-cost data plans and free voice calls, forcing established operators to respond to aggressive pricing and rapid customer growth.

The company has expanded beyond connectivity into cloud computing, artificial intelligence and enterprise services. Its investors include Meta Platforms and Google, which acquired stakes in Jio in 2020 as Ambani sought outside capital to accelerate its digital ambitions.

The IPO is a key step in Ambani’s broader effort to position Reliance as a consumer and technology group alongside its established energy and petrochemicals operations. A valuation of about $108.3 billion would place Jio among India’s most valuable listed companies once trading begins.

The listing on October 28 will provide the first public-market test of that valuation. Investors will be watching whether the strong demand during the offering translates into sustained buying once Jio’s shares begin trading, particularly as markets scrutinise technology valuations and the outlook for artificial intelligence businesses.