Subscriptions for the Jio Platforms IPO surged on the final day of bidding Friday, as investors bet on the AI promise of India's largest telecom operator.
The Jio Platforms IPO, India's largest ever, is being closely watched as a test of investor appetite for large listings at a time when AI-linked stocks are facing increased scrutiny. The company, whose mobile network serves more than 500 million users, is launching its IPO during the auspicious Hindu festive season.
The IPO values Jio Platforms at up to $108.3 billion, potentially making it one of India's biggest companies by market capitalisation when trading starts on 28 October. It counts Meta Platforms and Alphabet's Google among its investors, and is led by Ambani's eldest son, Akash Ambani.
Jio is part of Ambani's Reliance Industries Ltd., a company often seen by Indian investors as a long-term wealth generator. Reliance shares have returned around 900% since 2006, beating the benchmark Nifty 50 index's 685% return, LSEG data shows.
Jio's telecom business was launched in 2016 and disrupted the market by offering free voice and data, hitting rivals Bharti Airtel Ltd. and Vodafone Idea Ltd. Today, on the basis of customers in a single country, Jio's 500 million-plus users are second only to China Mobile's.