Listing Wednesday; Google and Meta-backed Reliance Group IT arm valued at up to $108.3 billion
The initial public offering of Jio Platforms, led by India's wealthiest person Mukesh Ambani, drew more than $77 billion in subscription funds, setting an all-time record on Indian markets. Backed by Google and Meta, the company has been valued at up to $108.3 billion and will begin trading Wednesday.
The IPO placed Jio Platforms' valuation at up to $108.3 billion, according to Yonhap and the company.
That would make it the fourth-largest company by market capitalization on Indian markets, trailing Reliance Industries — the parent of the Reliance Group and currently India's top-valued listed company at about $170.5 billion — among others.
The subscription period, which closed Friday, attracted more than $77 billion in funds and logged about 13.8 million applications, Reuters reported.
Both figures are all-time highs for an IPO on Indian markets.
Jio Platforms serves as the holding company for the Reliance Group's IT subsidiaries, including Jio, India's largest mobile carrier with more than 500 million subscribers.
The company is run by Akash Ambani, the eldest son of Chairman Mukesh Ambani, and has counted Meta and Google among its investors since its early days.
Jio Platforms is set to list Wednesday.
jeongwan@heraldcorp.com
