Jio Platforms Ltd. has attracted over $20 billion in bids ahead of what could become India’s largest initial public offering, according to individuals familiar with the matter. The company, a subsidiary of Reliance Industries led by managing director Akash Ambani, is targeting a valuation of up to 10.3 trillion rupees (approximately $108 billion) for the offering, down from earlier expectations nearing $170 billion.

The potential IPO has garnered interest from prominent global investors such as Fidelity, Allianz, and Capital Group, alongside other international and domestic firms. While discussions remain ongoing, a final roster of anchor investors is expected to be confirmed in the coming days. Sources stressed that no definitive decisions have yet been made regarding investor participation.

Akash Ambani, 34, has been actively engaging with prospective investors through meetings held in financial hubs including Hong Kong, London, and New York. Reportedly, these sessions included questions focused on Jio Platforms’ valuation goals and the company’s strategy for monetizing its digital services and various platforms.

The share sale is anticipated to launch next week, with the IPO scheduled to close by October 30. According to the draft prospectus, the offering will be a primary issuance, meaning current investors—including Meta Platforms Inc., Alphabet Inc., Mubadala, and Saudi Arabia’s Public Investment Fund—do not intend to sell any of their existing stakes as part of this transaction.

This public offering is poised to mark a significant milestone for India’s capital markets, as Jio Platforms commands a growing presence in the country’s digital economy through its telecommunications, media, and technology assets.