Akash Ambani is leading an extensive investor outreach campaign for Jio Platforms’ ₹30,213 crore IPO, which is set to become India’s largest public issue by value and marks a major milestone in Reliance’s succession plans.
Mumbai, October 20 — Akash Ambani is leading the investor campaign for Jio Platforms’ initial public offering, drawing on Reliance Industries’ long history of retail shareholder participation as the company prepares for what is expected to be India’s biggest-ever IPO.
The public issue will open on October 21 and close on October 23, and Jio aims to raise around ₹30,213 crore through a fresh issue of shares.
There is no offer-for-sale component, meaning existing shareholders will not sell their stakes through the IPO.
Jio has set a price band of ₹1,065-₹1,119 per share and will issue up to 27 crore new shares.
At the upper end of the price band, the company would be valued at roughly $108 billion.
The issue is expected to surpass Hyundai Motor India’s ₹27,870 crore IPO in 2024, making it the largest IPO ever in India by value.
Ahead of the public issue, Jio allotted shares worth around ₹8,110 crore to 212 anchor investors at ₹1,119 per share.
Demand for the anchor allocation exceeded ₹2.5 lakh crore, or more than 30 times the amount available, according to people familiar with the matter.
Life Insurance Corporation of India received the largest single allocation at nearly ₹500 crore, while global investors including Fidelity, BlackRock, Singapore’s GIC and Abu Dhabi Investment Authority also sought shares.
Akash, 34, has been leading a global campaign involving more than 60 investor meetings across financial centres such as Hong Kong, Singapore, Abu Dhabi, London and New York.
At a recent meeting with brokers from Gujarat and other western Indian trading centres, he delivered part of his pitch in Gujarati, linking the IPO with Reliance’s roots in the state and the investing legacy created by his grandfather Dhirubhai Ambani.
His twin sister Isha Ambani and veteran banker Uday Kotak have also participated in the roadshows.
The offering carries strong historical symbolism for Reliance.
The company’s 1977 IPO raised ₹2.8 crore from around 58,000 investors and was subscribed seven times, helping popularise equity ownership among Indian households.
Jio today has more than 533 million subscribers, while Airtel has around 492 million users in India.
Reliance Industries owned 66.43% of Jio Platforms as of March 31, while Meta’s affiliate held nearly 10% and Google International around 7.7%.
The IPO also forms part of the Ambani family’s broader succession structure, with Akash focused on Jio, Isha on retail and Anant on energy.
The listing will give public investors direct exposure to Jio’s telecom and digital businesses, which have so far operated under the Reliance Industries umbrella.
