Jio Platforms, the digital and telecoms group controlled by Indian billionaire Mukesh Ambani, plans to open its initial public offering on October 21 and raise about $3.8 billion, two people familiar with the matter told Reuters. The sale would be the largest stock market listing India has ever seen, with the shares expected to start trading on October 28.
The offering would overtake the $2.9 billion that Hyundai Motor India raised in 2024, which is still the country’s biggest IPO. The National Stock Exchange of India, which made its own market debut last month, raised $2.3 billion in its offering. The sources were not authorised to speak to the media, and Reliance did not respond to a request for comment.
Most of the money is expected to go towards repaying debt owed by Jio’s telecoms division. Alongside its mobile network, Jio Platforms runs artificial intelligence, cloud and enterprise network businesses, and it counts Meta and Google among its major foreign investors.
The deal arrives in a busy market for new issues. Indian companies raised 2.43 trillion rupees ($25.27 billion) in equity between April and September, the first half of fiscal 2027, a record for the period according to PRIME Database Group. Fundraising was up 75% on a year earlier and average listing-day gains rose to 19% from 7%, even though the benchmark Nifty 50 index gained only 1.3% over the same months. Pranav Haldea, managing director of PRIME Database Group, put the gap down to a backlog of IPOs from the past two to three years and strong domestic liquidity.
Jio is one of nearly 250 companies lining up to raise a combined 4.65 trillion rupees ($48 billion) through IPOs, according to PRIME Database. Others in the queue include the Indian business of Danish brewer Carlsberg and Prism, the parent of hotel aggregator Oyo. For Ambani, the listing would put a public market price on one of the largest businesses in his Reliance group.
