Nearly five decades after Reliance Industries first made its debit in the Indian markets, the Ambani family is preparing for another landmark listing. Jio Platforms. The telecom and digital services business led by Akash Ambani, plans to raise around $3.2 billion through an initial public offering (IPO) and is opening on October 21.
The issue is set to test whether the Reliance name alone can attract investors in a market increasingly focused on valuations, profitability and future growth.
Jio's proposed IPO comes at a time when India's investor base has changed significantly. The country has more than 130 million registered stock-market investors, nearly 40% of whom are below 30, according to National Stock Exchange of India data.
The listing helped popularise direct equity ownership among Indian households with Reliance's annual shareholder meetings eventually grew into mass gatherings.
Under Mukesh Ambani, Reliance evolved from a textiles and chemicals business into India's most valuable company, with interests spanning energy, consumer goods and telecommunications. Its telecom arm, Jio, transformed the sector after entering the market a decade ago with inexpensive 4G data services.