Mukesh Ambani-led Reliance Industries has attracted overwhelming interest from major international investors for the initial public offering (IPO) of Jio Platforms, with bids from institutional investors reportedly exceeding $25 billion. The highly anticipated offering aims to raise up to $3.2 billion, valuing the Indian telecommunications and digital services giant at approximately $108.3 billion.
Reliance announced Monday that prominent global investors, including Abu Dhabi Investment Authority, BlackRock and Fidelity, participated in the IPO’s anchor investor allocation. Other institutions receiving shares included India’s state-owned Life Insurance Corporation, BNP Paribas, JPMorgan and HDFC Bank.
According to a company filing, Jio allocated shares worth more than ₹81 billion, approximately $853 million, to anchor investors. Sources familiar with the offering indicated that demand exceeded the portion reserved for these investors by more than 30 times, highlighting strong institutional confidence in the company’s growth prospects.
The IPO opened Monday for institutional investors, who were given exclusive access to a portion representing up to 30 per cent of the offering. Public subscriptions are scheduled to begin Wednesday, October 21.
Jio Platforms, led by Akash Ambani, has emerged as one of India’s most influential digital businesses since disrupting the country’s telecommunications market in 2016 with free voice calls and affordable mobile data. The company now serves more than 500 million subscribers and competes with major operators including Bharti Airtel and Vodafone Idea.
Beyond telecommunications, Jio has expanded into fixed broadband, cloud computing, digital entertainment, enterprise technology and artificial intelligence. Its stock market debut is widely viewed as an important test of international investor confidence in India’s expanding digital economy and the company’s ability to generate returns from its growing technology portfolio.
The listing will mark Reliance Industries’ first public offering since Reliance Petroleum entered the stock market in 2006. It also follows the September listing of the National Stock Exchange of India, reflecting continued demand for major Indian equity offerings.
According to LSEG data, Indian IPO proceeds have increased 8.3 per cent so far this year, reaching $12.65 billion compared with the corresponding period in 2025.
If successful, Jio Platforms could become one of India’s four most valuable publicly traded companies, ranking behind Reliance Industries, Bharti Airtel and HDFC Bank in market capitalization.
The company plans to use up to ₹275 billion, approximately $2.9 billion, from the offering’s net proceeds to repay or prepay borrowings held by its telecommunications subsidiary, Reliance Jio Infocomm.
The strong institutional response underscores investor expectations surrounding Jio’s telecommunications leadership and its expansion into artificial intelligence, cloud infrastructure and other emerging digital services.
