Jio Platforms creates India's strongest IPO

Jio Platforms, the Indian technology and telecommunications company, has completed the largest IPO in the country's history. The shares of the subsidiary of the conglomerate Reliance Industries, led by billionaire Mukesh Ambani, rose by more than 21 percent when the stock market opened in Mumbai. The issue price was 1,119 rupees (around 10.6 euros) per share.

The market value reached the equivalent of around 118 billion euros. This valuation made Jio Platforms the most valuable listed company in India, right after Reliance Industries, Indian financial news portal Moneycontrol reported. Demand for the company's shares far exceeded supply.

Jio Platforms is the digital arm of Ambani's Reliance Industries group of companies. Jio is the largest mobile phone provider in India. With more than 530 million customers, Jio currently makes most of its money in telecommunications, but in recent years the company has also expanded its business into new fields such as digital services and artificial intelligence.

The company serves over 530 million mobile and broadband customers through its core brand Jio. According to its own information, Jio is the world's largest mobile operator in terms of data traffic. In recent years, Jio Platforms has expanded into other business areas such as digital services and artificial intelligence. The managing director is Mukesh Ambani's son, Akash Ambani.

Experts say Jio is key to Reliance Group's strategy to move away from its traditional oil business. According to Indian media reports, the company is considering a low-orbit satellite network to provide Internet access. This would put it in competition with Elon Musk's Starlink satellite network, which has been trying to enter India for years.