Jio Platforms Ltd. will open its initial public offering next week, aiming to become India’s largest listing. The company offered 270 million new shares at ₹1,065-1,119 apiece. This deal tests investor appetite for large IPOs and Akash Ambani’s leadership as the firm shifts its focus toward AI and digital services.

Jio Platforms Ltd., the telecom and digital services unit of Reliance Industries Ltd. led by billionaire Mukesh Ambani's son Akash Ambani, will open its initial public offering next week in what’s on track to become India’s largest listing.

On offer in the Jio IPO are 270 million new shares at ₹1,065-1,119 apiece, according to an exchange filing on Wednesday. The anchor book will open on 19 October, followed by public subscription on 21 October, which will close two days later. The shares are equivalent to about 2.9% of Jio’s post-issue equity capital.

At the upper end of the proposed price range, Jio would be valued at about ₹10.3 lakh crore, while the IPO would raise about ₹30,200 crore. Even at the low end of ₹28,700 crore, it would surpass Hyundai Motor India Ltd.'s ₹27,800 crore IPO in October 2024, currently the country’s biggest.

The deal is be a major test of investor appetite for large IPOs in one of the world’s busiest markets for equity fundraising. Jio’s push for a record deal has drawn investor skepticism over its valuation aspirations, providing an early test for Akash Ambani, the oldest son of patriarch Mukesh Ambani, who is leading a major Reliance Industries’ transaction on his own for the first time.

The AI Frontier

The Jio IPO is more than a test of investor appetite, for it will also determine if India’s stock market is willing to assign a premium to the wider digital ecosystem that Ambani has spent a decade building.

Since launch in 2016 with free voice calls and low-cost data, Reliance Jio Infocomm has transformed India’s telecom market, expanded internet access and consolidated its position as the country’s largest operator. Its subscriber base exceeds that of rival Bharti Airtel, although Airtel earns more per user, highlighting the challenge of monetising Jio’s scale.

The next phase centres on AI, enterprise services and digital applications. Reliance is building AI capabilities through Reliance Intelligence, a joint venture with Jio investor Meta Platforms Inc., while Jio is developing enterprise tools and partnerships that could deepen customer engagement.

The listing also gives investors a clearer way to value Jio separately from mainstay oil. RIL shareholders will not receive cash or direct Jio shares from the fresh issue. Any benefit depends on whether the listing unlocks value in RIL’s retained 66.43% stake.

For incoming investors, the key question is whether Jio can turn its enormous subscriber base into higher earnings through AI and digital services, rather than relying mainly on telecom growth.

Read the long story on Jio’s journey, by Devina Sengupta and Sneha Shah.

In today’s edition of Mint TOTM:

IDBI Bank is sold to Prem Watsa’s Fairfax

All you need to know about Zetwerk IPO

IMF’s India upgrade doesn’t tell full story

THE MAIN STUFF

IDBI Bank is sold to Fairfax, finally

The government and Life Insurance Corporation of India will sell a combined 60.72% stake in IDBI Bank Ltd. to a Fairfax Financial Holdings Ltd.-backed entity for ₹52,878 crore for what is the largest foreign direct investment in India’s banking sector. The Centre will retain 15% and LIC about 19%. The deal, expected to close this fiscal, ends a divestment process launched in 2021. Fairfax must also decide within two years whether to merge CSB Bank with IDBI Bank or exit CSB.

Zetwerk’s growth test

Zetwerk Ltd.’s ₹5,012 crore IPO opens today, valuing the manufacturing platform at about ₹25,500 crore. Revenue rose 40% in FY26, but net loss widened to ₹1,606 crore. Strong repeat business and a ₹12,370 crore order book offer promise, yet thin margins, cash burn and working-capital demands remain key risks. The company plans to use ₹2,160 crore of IPO proceeds to reduce debt.

PLAIN FACTS | IMF’s India GDP upgrade

The IMF has raised India’s GDP growth forecast to 7% for FY27, but rupee depreciation has pushed it behind the UK to sixth place among the world’s largest economies. India’s GDP in dollar terms has also been revised down, putting its $5 trillion target just out of reach in FY29. Reclaiming a higher rank will depend on sustaining strong growth and stabilising the rupee. Read more.

Festive phone deals lose their sparkle

India’s festive electronics sales face an unusual squeeze as rising memory-chip costs limit discounts and push prices up. The iPhone 17 is selling above launch price, while Samsung and Realme have raised prices on select models. Retailers and analysts expect smartphone sales to fall sharply this quarter, with buyers holding back as festive bargains lose their appeal. Read more.

Hyundai-TVS eye Tata Ace EV rival

Hyundai Motor India Ltd. and TVS Motor Co. Ltd. are developing an electric mini truck to rival Tata Motors Ltd.’ Ace, targeting a 2027 launch. The move would expand their partnership beyond electric three-wheelers into India’s fast-growing last-mile delivery market. Registrations for electric commercial vehicles more than doubled to 14,869 in FY26, as e-commerce and urban logistics fuel demand for lower-cost transport.

🔢 NEWS IN NUMBERS

$100 billion: The amount Blackstone plans to invest in India over the next five years, doubling its current $50 billion portfolio across real estate, digital infrastructure, and other key sectors.

11.39%: India’s wholesale price inflation in September 2026, versus 9.92% in August, due to higher prices across fuel, power, food, and manufactured products.

12%: The percentage of Indian consumers who reported being scammed in the last 12 months, according to GSMA’s India Consumer Scam Report 2026.

$20 million: The amount Walt Disney Inc. agreed to pay for some assets of AI chatbot platform Character.AI, which recently filed for bankruptcy to resolve mounting legal claims.

$1.21 billion: The fine imposed on Bank of America by US regulators for widespread failures to detect potential money laundering and illicit financial activity.

$6.3 billion: The amount FIFA will propose for a football development fund for 2027-2030, increasing the allocation for each of its 211 member associations to $25 million.

€155 billion: The additional annual value added that Germany risks losing if access to AI training data is tightened, according to the ifo economic institute.

AROUND THE WORLD

America’s election officials are ready for the trouble

The Houthis are building an advanced missile with Chinese parts

Israel’s election overseer on how to stop AI distorting votes

I rented an EV to save money, but range anxiety cost me

Why US airstrikes are failing to stop the global cocaine boom

CHART OF THE DAY

Among developing economies in Asia, India leads with the largest global share of investments in new projects in strategic sectors, ranging from semiconductors and energy to AI.

LOUNGE RECOMMENDS

How to set up a home with your pet’s routine in mind

When we take a pet’s history in a veterinary clinic, we ask about appetite, exercise, stools, sleep, medications, and changes in behaviour. But sometimes the useful question is much simpler: what does this pet’s normal day actually look like? Read more.

WHAT THE FACT | The fall of a Queen

On this day in 1793, Marie Antoinette, the former queen of France, went on trial before a revolutionary tribunal in Paris, accused of treason and conspiring against the French Republic. The trial lasted two days; she was convicted on 16 October.

Once among Europe’s most powerful royal figures, Marie Antoinette had become a symbol of the monarchy’s excesses during the French Revolution. She was executed by guillotine the same day, less than a year after her husband, King Louis XVI, met the same fate.

Top of the Morning captures the latest in business news and stock market you need to know to start your day.