Jio IPO opens October 21, issue traced to Isha Ambani’s slow internet complaint

Reliance Jio Platforms will open its Rs 30,000 crore initial public offering on October 21, with a price band of Rs 1,065 to 1,119 per share, valuing the company at about $108 billion. The issue has attracted bids worth over $20 billion, and overseas investors including Fidelity Management & Research, Allianz SE and Capital Group have indicated interest, according to people familiar with the matter.

The Economic Times reports that Jio's founding idea was sparked by a complaint from Isha Ambani about slow internet at home while she was a student at Yale. Mukesh Ambani has said the conversation led to the group building India's first major 4G LTE-only network, which launched in September 2016. Jio now serves 533.3 million customers, said Akash Ambani at the Jio Platforms IPO press conference.

Mint reports that younger investors are approaching the Jio IPO with a sharper focus on valuation and profitability, unlike earlier generations who viewed Reliance as a long-term investment. The grey market premium stood at Rs 221 on October 17, suggesting a potential listing gain of 19.75%. The IPO comprises a fresh issue of up to 27 crore equity shares with no offer-for-sale component.