The coming launch of India’s largest-ever initial public offering (IPO) will test investor confidence in the country’s leading telecoms operator, Jio Platforms, the digital arm of billionaire Mukesh Ambani’s Reliance Industries.
Jio’s public share offer on Wednesday comes close on the heels of an escalating row between Ambani and Elon Musk. The SpaceX founder has accused the Indian industrialist of using monopolistic influence to block Starlink’s entry into India – a charge Reliance has denied, saying it has never feared competition.
Ambani’s US$3.2 billion Jio Platforms listing has already drawn strong interest from institutional investors, including Singapore’s GIC, BlackRock and Fidelity, reportedly generating bids totalling nearly 30 times the quota reserved for anchor investors.
Targeting a valuation of over US$108 billion, the IPO comes at a sensitive juncture, as soaring oil prices caused by the Middle East conflict continue to weigh on global trading sentiment.