Ambani's Jio Platforms draws $25 billion in IPO bids
Jio Platforms, a cheap broadband internet provider in India, is raising $3.2 billion through its share sale, with its stock market debut set for Wednesday.
By Standard Topic. AI-generated from the reporting listed under Coverage. Published . Updated .
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What happened
Jio Platforms, led by billionaire Mukesh Ambani, has drawn anchor investor bids of about $25 billion for its $3.2 billion IPO. Institutions including GIC, BlackRock and Fidelity are among the bidders. The company aims for an £81bn valuation when it lists on the stock market on Wednesday.
Why it matters
The offering is India's biggest-ever IPO, and the strong demand from major global investors shows strong interest in the company before it lists.
Timeline
- Oct 19, 7:17 AM ET: Anchor investor bids for the $3.2 billion Jio Platforms IPO reached about $25 billion, including from GIC, BlackRock and Fidelity.
- Oct 20, 5:53 AM ET: Jio Platforms aimed for an £81bn valuation as it prepared to float on the stock market on Wednesday.
Coverage
- Billionaire Mukesh Ambani launches India’s biggest-ever IPO (The Guardian)
- India's Jio draws about $25 billion in IPO anchor investor bids, sources say (Yahoo News)
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