Himalini Desk, NEW DELHI, 24 Oct. Jio Platforms, the telecommunications and digital services arm of billionaire Mukesh Ambani’s Reliance Industries, has attracted more than $77 billion in bids by Friday, setting a new record for the most subscribed initial public offering (IPO) in India, according to the information provided.

The offering has surpassed the previous record set by Reliance Power, part of the group led by Ambani’s younger brother, Anil Ambani, in 2008.

The strong demand comes at a time when investors are increasingly scrutinising companies associated with artificial intelligence (AI), making the Jio IPO a significant test of investor appetite for large-scale share offerings.

Jio Platforms, which provides mobile network services to more than 500 million users in India, launched its IPO during a major Hindu festive period considered auspicious for investments.

The offering is expected to value the company at approximately $108.3 billion. When trading begins on Wednesday, Jio could rank among India’s largest listed companies by market capitalisation.

Retail and Institutional Investors Drive Demand

Demand for the IPO has exceeded 22 times the number of shares reserved for public investors, supported by strong participation from institutional investors, retail applicants, employees and existing shareholders.

If most bids were placed at the upper price limit of 1,119 Indian rupees ($11.79) per share, the total demand would exceed $51.5 billion, excluding bids from major investors for their separately allocated shares.

Abu Dhabi Investment Authority, BlackRock and Fidelity were among the prominent investors whose bids totalled $25.6 billion for shares worth $854 million allocated to them.

A Reliance official told Reuters that Jio Platforms had received more than 13.8 million applications, the highest number recorded for an IPO in India.

The figure exceeds the approximately 9.4 million accounts that applied for the $8.6 billion IPO of Chinese memory-chip manufacturer CXMT, described in the report as Asia’s largest offering this year.

“The fact that a Reliance IPO is coming after such a long time has created enormous enthusiasm and excitement around the stock,” said Kranti Bathini, an equity strategist at WealthMills Securities.

The IPO was fully subscribed within two hours of opening on Wednesday, an unusually rapid response compared with the typical pattern in India, where institutional investors often wait until the final hours before submitting their bids.

A Long-Term Wealth Creation Story

Jio Platforms is led by Akash Ambani, Mukesh Ambani’s eldest son, and has attracted investments from global technology companies, including Meta Platforms and Google parent Alphabet.

Jio forms part of Reliance Industries, whose shares have delivered returns of approximately 900 per cent since 2006, outperforming the Nifty index’s return of around 685 per cent over the same period, according to LSEG data cited in the report.

This performance has helped establish Reliance as a long-term wealth creator in the eyes of Indian investors.

Founded by Dhirubhai Ambani, Mukesh Ambani’s father, Reliance has a long history of attracting retail shareholders. In the 1980s, Dhirubhai expanded the company’s retail investor base by bringing large numbers of shareholders together in Mumbai.

According to Reliance’s website, the company’s stock market listing in 1977 helped popularise equity investment in India and marked an important milestone in the development of the country’s shareholding culture.

Institutional Interest Surges

By the close of trading on Friday, demand for shares reserved for institutional investors had reached 70.55 times the allocated amount, demonstrating particularly strong interest from large investors.

The retail investor category was subscribed 2.7 times, while the portions reserved for employees and existing Reliance shareholders were subscribed 2.93 times and 7.6 times, respectively.

Jio’s telecom business, launched in 2016, transformed India’s mobile market by offering free voice calls and inexpensive data services. Its aggressive pricing strategy disrupted the industry and intensified competition for established operators such as Bharti Airtel and Vodafone Idea.

Jio has since grown into one of the world’s largest telecom operators by subscriber base, ranking second after China Mobile in terms of domestic customer numbers, according to the report.

The record-breaking IPO highlights the continuing appeal of Reliance’s business ecosystem and the confidence investors have placed in Jio’s scale, digital reach and growth potential.

However, the company’s eventual market performance will depend on how effectively it converts investor enthusiasm into sustainable earnings growth and long-term shareholder returns.