Reliance Industries' digital unit Jio Platforms is wrapping a share sale that The Guardian and Reuters both described as India's largest initial public offering, with trading expected next week^1,2.

The Guardian, writing before the public book opened, said Mukesh Ambani was taking Jio public despite a stock-market downturn, targeting proceeds of as much as 302 billion rupees and a valuation of about 10.3 trillion rupees, with Meta Platforms and Google among backers and Akash Ambani as the unit's leader¹.

Reuters, on the final bidding day Friday, put the raise at $3.2 billion and the implied valuation at as much as $108.3 billion, and said public subscriptions had already exceeded six times the shares on offer, with implied demand above $14.5 billion at the top of a 1,119-rupee price band².

Reuters also reported that the book filled within two hours on Wednesday, that more than 500 million customers sit on Jio's mobile network, and that reserved anchor demand on Monday — including the Abu Dhabi Investment Authority, BlackRock and Fidelity — drew more than $25 billion of bids for an $854 million slice; listing was given as Oct. 28².

The Guardian's Oct. 20 account did not include those later subscription figures; Reuters did not restate the rupee proceeds total the Guardian used^1,2.

Sources

1. The GuardianBillionaire Mukesh Ambani launches India's biggest-ever IPOOct 20, 5:53 AM
2. ReutersAmbani's $3.2 billion Jio Indian IPO lures investors as bids surge on final dayOct 23, 5:05 AM

Read the original at The Guardian ↗