Jio targets record $3.2bn listing in India IPO push

Jio, the digital services arm of Reliance Industries controlled by billionaire Mukesh Ambani, is targeting proceeds of $3.2 billion in what would represent India's largest initial public offering on record. The figure surpasses the $2.9 billion raised by automotive manufacturer Hyundai Motor India during its market debut in 2024, marking a significant milestone for Indian capital markets. The telecom and digital services company's listing plans reflect accelerating consolidation and growth in India's telecommunications sector, where Jio has emerged as a dominant player since its network launch a decade ago. The IPO would position Jio as one of Asia's largest recent public offerings and underscore confidence among institutional investors in India's technology and digital infrastructure ecosystem. The exact timing and final pricing of the offering remain subject to market conditions and regulatory approvals.