India’s record US$108b Jio IPO tests market faith as Musk rivalry heats up

Jio Platforms, the digital arm of Reliance Industries, is launching India's largest-ever initial public offering (IPO) on Wednesday, aiming for a valuation exceeding US$108 billion. This significant listing tests investor confidence amidst global economic headwinds, including soaring oil prices and rising interest rates, which have led to foreign investors withdrawing capital from India's stock market. Despite these concerns, the IPO has attracted strong interest from institutional investors, with bids reportedly reaching nearly 30 times the anchor investor quota. The launch also occurs alongside an escalating dispute between Reliance chairman Mukesh Ambani and SpaceX founder Elon Musk, who has accused Ambani of monopolistic practices hindering Starlink's entry into India, a charge Reliance denies.

Jio Platforms, a low-cost broadband provider backed by Meta and Google, is launching India's largest-ever initial public offering (IPO) from Wednesday. Led by Akash Ambani, the company aims to raise up to 302 billion rupees (£2.4 billion) and achieve an 10.3 trillion rupee (£81 billion) valuation. This move by Mukesh Ambani's Reliance Industries comes despite a downturn in the Indian stock market. Jio secured 212 anchor investors, including major global fund managers, before offering shares to retail investors. The company, established a decade ago, has significantly contributed to making mobile internet affordable in India and plans to expand into AI and cloud computing.