Jornal Do Brasilia - Billionaire Ambani's Jio to debut after record India IPO

NYSE - LSE

CMSD	0.36%	19.69	$
RYCEF	1.96%	16.8	$
RBGPF	0%	72.77	$
BCC	0.76%	76.02	$
JRI	0.28%	10.88	$
BCE	-0.8%	20.09	$
RIO	2.36%	85.74	$
CMSC	-0.78%	19.45	$
GSK	-0.31%	50.94	$
AZN	-1.16%	170.08	$
RELX	-3.05%	38.99	$
BTI	-0.45%	59.83	$
BP	-3.27%	48.93	$
NGG	-0.01%	81.76	$
VOD	0.32%	15.75	$

Billionaire Ambani's Jio to debut after record India IPO

TECHNOLOGY 28.10.2026

Billionaire Ambani's Jio to debut after record India IPO / Photo: © AFP

India's Jio Platforms makes its stock market debut on Wednesday after a record-breaking IPO, capping billionaire owner Mukesh Ambani's years-long drive to diversify his conglomerate beyond oil refining.

Text size:

Jio Platforms, which houses the country's biggest wireless operator and is the digital services arm of Ambani's Reliance Industries, raised about $3.2 billion at 1,119 rupees ($11.76) per share in India's biggest-ever initial public offering.

The listing, one of the year's most anticipated, attracted robust demand last week, with investors applying for more than 22 times the shares on offer.

In the run-up to its Mumbai debut, grey market platforms showed a premium of around 22 percent for Jio shares, although experts caution that such unofficial indicators can be unreliable predictors of early trading.

Nevertheless, most analysts expect decent listing gains despite a weak year for Indian equities.

Jio has a "proven execution record" and will see its cash generation "strengthening as the 5G investment cycle winds down", analysts at financial services firm Emkay Global said in a note, calling the company "the digital engine of India".

Launched a decade ago, Jio's wireless service disrupted the market with steep discounts, rapidly winning customers from rivals Bharti Airtel and Vodafone.

With over 530 million subscribers, the firm currently makes most of its money from telecoms, but has expanded in recent years into digital services and artificial intelligence.

Experts say Jio is key to Reliance's strategy to move beyond oil and underpins its future technology ambitions.

Local media have reported how it is considering a low Earth orbit satellite constellation to provide internet services from space -- a venture that would see it compete with Musk's Starlink, which has been trying for years to launch in India.

Musk accused unnamed Indian "oligarchs" this month of preventing Starlink's rollout in the country, and referred to the Reliance chairman as "Prime Minister Ambani" and the "real boss of India".

Reliance responded by noting that it had never "feared competition" and welcomed offerings from rivals in satellite communications, including Starlink.

F. Fernandes--JDB

Featured

Australia warns of 'unprecedented' AI threat

Artificial intelligence poses an "unprecedented" threat as foreign governments turn it loose to hack computer networks and critical infrastructure, Australia's cyber security agency warned on Tuesday.

Al-Thawadi urges technology to deepen human connection through shared experiences

Technology should be used to strengthen human connections and expand access to shared experiences through sports, culture and entertainment, His Excellency Hassan bin Abdulla al-Thawadi, managing director of the Supreme Committee for Delivery and Legacy, said.

Anthropic points to AI dangers, soaring sales in IPO filing

Anthropic, one of the world's leading artificial intelligence companies, on Monday made public its plans to sell shares on the stock market, revealing soaring sales but also potentially dire safety risks in a major test of whether the AI boom can deliver profits.

Canadian youths ask court to impose binding climate protections

A landmark trial pitting young Canadians against the federal government over its alleged climate policy failures opened Monday, with lawyers for the youths describing climate change as a "grave threat" that cannot be left to politicians alone.