
The telecommunications division of the Reliance group records high demand when it opens its stock exchange in Mumbai
AI-generated summary
Reliance operates one of the world's largest oil refineries and is India's most valuable listed company. Jio Platforms is the group's telecommunications subsidiary.
Bangkok. Indian multi-billionaire Mukesh Ambani didn't have to wait long before his plan for the largest IPO in India's history cleared a crucial hurdle. Just 100 minutes after the start of the subscription period, the offer of his telecommunications company Jio Platforms was already oversubscribed on Wednesday.
This means that Jio could earn around 300 billion rupees on the Mumbai stock exchange, the equivalent of more than 3.2 billion dollars. Calculated in rupees, no company in India has ever raised so much in an IPO. Investors' interest is closely linked to the central role played by Ambani's corporate empire.
The parent company Reliance, which, among other things, operates one of the largest oil refineries in the world, is India's most valuable listed company. The subsidiary Jio has become the dominant provider in India's mobile phone market in recent years - and is Ambani's most important attempt to break its dependence on the crisis-prone oil business.
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Raising around Rs 300 billion through the IPO.
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