Jio Platforms' $3.2B India IPO Draws Over $14.5B in Public Demand at Up to $108.3B Valuation

Public subscriptions for Mukesh Ambani's $3.2B Jio Platforms IPO — India's largest ever and Ambani's first public listing in two decades — crossed six times the shares on offer on Friday's final day of bidding, pushing total public demand past $14.5B assuming bids were largely placed at the top end of the 1,119-rupee price band. That public demand followed Monday's anchor investor round, where a reserved $854M share quota attracted over $25B in bids from institutional backers including the Abu Dhabi Investment Authority, BlackRock $BLK, and Fidelity after the broader offering reached full subscription within two hours of opening on Wednesday. The offering values Jio Platforms at up to $108.3B ahead of its scheduled October 28 trading debut, potentially making the telecom and digital group — which serves more than 500M mobile users and counts Meta Platforms $META and Alphabet's Google $GOOGL among its investors — one of India's largest companies by market capitalization. Led by Akash Ambani under parent conglomerate Reliance Industries, whose shares have returned roughly 900% since 2006 compared with 685% for the benchmark Nifty index according to LSEG data, the listing serves as a gauge of global investor appetite for massive public offerings amid heightened scrutiny of AI-linked equities.