Jio Platforms launched its initial public offering (IPO) on October 20, drawing rapid investor interest and covering the entire issue in under two hours. The $3.2 billion (approximately Dh11.8 billion) share sale marks the first public offering by Mukesh Ambani’s Reliance conglomerate since 2006.
The IPO, which includes only new shares, offers a price range between 1,065 and 1,119 rupees per share, valuing Jio Platforms at roughly $108.3 billion (Dh398 billion) if priced at the upper band. Following the listing, Reliance will maintain a majority stake of 66.43 percent in the company. The funds raised are primarily intended to reduce debt at Reliance Jio Infocomm, the group’s telecommunications arm.
For Indian expatriates based in the UAE, the minimum retail application stands at 12 shares, costing about 13,428 rupees or Dh522 at the top of the price band. The subscription window will remain open until October 23.
Demand for the shares has been robust. According to early figures from the National Stock Exchange (NSE), the institutional portion was fully subscribed within 28 minutes of opening trading. Qualified institutional buyers had bid for 2.86 times their allocation at that point, with overall subscriptions reaching 84 percent. The interest surged further, and the entire issue was fully covered in less than two hours, with institutional bids ultimately reaching nearly four times the allotted shares.
Prior to the public subscription, Jio raised roughly 8,110 crore rupees (about $853 million or Dh3.13 billion) from 212 anchor investors on October 19. This anchor round attracted strong demand, with bids exceeding $25 billion (Dh91.8 billion), around 30 times the capacity available. Major institutional participants included BlackRock, Capital Group, Fidelity Investments, T. Rowe Price, and JPMorgan Asset Management. Sovereign wealth funds such as the Abu Dhabi Investment Authority, Qatar Investment Authority, Singapore’s GIC, and Norges Bank Investment Management also took part.
Investors applying through banks’ Application Supported by Blocked Amount (ASBA) facility will have the application amount blocked in their accounts until the allotment is finalized. The bank will transfer the payment corresponding to the allotted shares and release any remaining blocked funds thereafter. Those using the Unified Payments Interface (UPI) system must approve payment mandates by 7 p.m. India time (5:30 p.m. UAE time) on October 23.
The timeline for the IPO includes subscription closing on October 23, allotment finalization on October 26, refunds or fund releases and share credits on October 27, and the commencement of trading on both the Bombay Stock Exchange (BSE) and NSE on October 28. Jio chairman Akash Ambani described the offering as “a great responsibility for our shareholders,” underscoring the company’s commitment to its investor base.