Reuters reports that Jio Platforms, the digital and telecoms arm of Mukesh Ambani's Reliance group, became India's most subscribed share offering after attracting more than $77 billion in bids. The public offer was subscribed more than 22 times, with the institutional portion covered 70.55 times, and drew over 13.8 million applications, the most ever in India. The price band values Jio at up to $108.3 billion. Anchor investors including the Abu Dhabi Investment Authority, BlackRock and Fidelity placed $25.6 billion in bids. Jio is led by Akash Ambani, Mukesh Ambani's eldest son, who chairs Reliance Jio Infocomm, and the listing is the group's first IPO in 20 years.
The offering surpassed the 2008 Reliance Power issue from the group of Anil Ambani, Mukesh's brother. Isha Ambani, Akash's twin, is a non-executive director of Jio Platforms. Meta and Alphabet's Google are among Jio's longest-standing investors, and the network serves more than 500 million users in India. Trading in the shares was due to begin on Wednesday.
Why it matters: The Jio listing is both a capital markets event and a succession milestone. Reliance has divided its businesses among the third generation, with Akash leading Jio, Isha retail and Anant new energy. A public listing brings outside scrutiny and a market price to the heir's stewardship. For other founding families, it shows how an IPO can formalise a handover while unlocking liquidity without ceding control.
Source: Reuters, October 23, 2026. Wealth Office summarises reporting by other publications and links to the original.