Jio IPO opens: India's record $3.2 billion share sale values Jio Platforms at up to $108 billion

Jio Platforms' initial public offering opened for bids on Wednesday 21 October, a $3.2 billion share sale that is the largest in India's history and values Mukesh Ambani's telecom and digital business at up to $108.3 billion, Business Recorder reported, citing Reuters.

At Wednesday's interbank rate of about Rs 276.87 to the dollar, the sale is worth roughly Rs 886 billion, and the top valuation about Rs 30 trillion. Convert other amounts with our currency converter.

Jio IPO key numbers

Big investors already in

Before the public window opened, the portion kept for large institutional investors drew bids of more than $25 billion, Business Recorder said. Jio allotted $853 million of shares to that group, including the Abu Dhabi Investment Authority and BlackRock. Meta and Google are already backers of Jio.

Retail investors, Jio employees and Reliance shareholders can all bid. It is the first IPO from the Reliance group since 2006, and it is bigger than the earlier records set by Hyundai Motor India and the National Stock Exchange's listing.

Why it matters beyond India

• The rupee next door: Indian traders expect foreign money flowing in for the IPO to support the Indian rupee this week, Business Recorder reported, though high oil prices remain a risk.
• A benchmark for the region: a deal of this size shows how much global money will chase telecom and digital growth in South Asia. For scale, Pakistan's whole KSE-100 index stands near 165,000 points; follow it on our KSE-100 page.
• Pakistani investors cannot bid: the offer is open through Indian channels only, and Pakistani residents have no route to buy Indian IPO shares.

What to watch

The subscription numbers through Friday will show retail demand, and the first day of trading on 28 October will show whether the top of the price band held. We will update this story with the final subscription figures.