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Jio Readies for Record Mumbai Trading Debut

Mukesh Ambani is set to list Jio Platforms in Mumbai on Wednesday after a record 3.2 billion dollar initial public offering. The offering drew massive demand and values the digital unit at up to 108.3 billion dollars.

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FILE PHOTO: Uday Kotak, founder and non-executive director of Kotak Mahindra Bank; Isha Ambani, non-executive director of Jio Platforms Ltd.; Akash Ambani, chairman of Reliance Jio Infocomm Ltd. and director of Reliance Retail Ventures Ltd.; and Pankaj Pawar, chief executive officer of Jio Platforms Ltd., pose for a picture during a Jio Platforms Ltd. IPO press conference in Mumbai, India, October

Jio Platforms will list in Mumbai on Wednesday after its $3.2B IPO drew $77B in bids, marking India's largest offering ever. Valued at up to $108.3B, the digital unit serves 530 million customers and ranks among the nation's largest firms by market capitalisation. The debut advances Mukesh Ambani's strategy to pivot parent RELIANCE INDUSTRIES LIMITED from an energy conglomerate into an expansive technology enterprise.