Best of the Week | Jio's IPO frenzy: Can retail investors make a killing?

Jio's mega IPO, why India is Musk fighting for India's internet, and Indian IT's AI gameplan.

Mukesh Ambani's Jio Platforms opened its ₹30,213-crore IPO on 21 October, with bidding closing on Friday. The offer, which could become India's largest-ever listing, values the digital and telecom giant at up to $107 billion. After securing strong institutional backing, Jio is counting on retail investors to help sustain demand and deliver a strong stock market debut.

The company allocated ₹8,110 crore of shares to anchor investors, including BlackRock, Fidelity, Capital Group and sovereign wealth funds. Its ₹10,500-crore retail portion has drawn active outreach from brokerages and financial institutions, even as the Nifty 50 struggles in a weak market.

Brokerages are also encouraging investors with inactive trading accounts to participate, while some financial institutions are offering loans to help fund applications. The push comes amid weak market sentiment, with the Nifty 50 down more than 10% this year.

Strong demand, but valuation matters

Jio's appeal lies in its more than 500 million subscribers and leadership in wireless and fixed broadband. Yet its valuation warrants scrutiny. At the upper end of the price band, Jio is valued at about $107 billion, roughly 10% below rival Bharti Airtel. Airtel, however, generates more revenue per user, with June-quarter average revenue per user (ARPU) of ₹264 against Jio's ₹216, and has a higher earnings margin.

A blockbuster listing is not guaranteed

Analysts see potential in Jio's scale and digital services, but the company must turn its vast subscriber base into higher spending and stronger returns. Hyundai Motor India's heavily subscribed IPO, whose shares fell on debut, is a reminder that strong demand does not guarantee listing gains. Investors borrowing to apply also risk losses if the stock disappoints.

Jindal Steel's Odisha plant turns coal into synthetic gas at $7-8 per unit of energy, nearly half the cost of imported natural gas. India wants to scale up the technology to reduce dependence on overseas fuel and chemicals, backing projects with ₹37,500 crore in incentives. But high upfront costs, ash-heavy coal and emissions remain hurdles to turning this ambitious bet into a viable business.

Tata Sons' latest regulatory filing reappointing N. Chandrasekaran as executive chairman omits specific references to Articles 118 and 105, unlike previous filings. The omission matters because Tata Trusts chairman Noel Tata has challenged the reappointment, arguing that the board bypassed Article 118's requirement for a selection committee. Tata Sons maintains that the process was legally valid. The dispute centres on opposing votes by Tata Trusts nominees and a casting vote that cleared Chandrasekaran's five-year term, deepening tensions over governance at the group's holding company.

Apple's ₹2,99,900 iPhone Duo is so scarce that some Indian buyers are willing to pay up to ₹50,000 extra to get one early. Only around 6,000 units are expected across India in its first week, pushing eager buyers towards grey-market sellers sourcing devices from Dubai and Singapore. Retailers say supplies are far below demand, with some receiving just a fraction of their orders. For buyers willing to spend nearly ₹3 lakh on a phone, the premium is less about technology and more about the status of owning Apple's latest showpiece.

Elon Musk's public attacks on Indian telecom giants reflect a bigger business imperative: Starlink needs new markets to fuel SpaceX's growth. Its connectivity business generated 61% of SpaceX's revenue in 2025, while India remains largely off-limits despite regulatory approvals, with final clearance reportedly held up over security concerns. But entering India means confronting Jio and Airtel, which dominate the market and offer some of the world's cheapest data. Starlink must also slash prices to compete, even as rivals such as Amazon Leo expand their satellite networks.

From Gurugram commuters to families battling respiratory illnesses, road and construction dust is making India's air pollution problem a year-round crisis. An IIT study found road dust levels exceeded WHO guidelines in 55% of cases, contributing to an estimated 10,000 deaths annually from PM2.5 pollution. Despite billions spent on dust management, cleaning often offers only temporary relief. Experts say cities need better monitoring, paved roads, stricter construction controls and targeted enforcement. The challenge is tackling dust at its source, before it settles on streets, rises into the air and enters our lungs.

India's top IT firms disagree on whether AI-led revenue deflation, as automation reduces billable work, is nearing its end. HCLTech says the squeeze is still in its early stages, while TCS and Wipro see relief ahead. Tech Mahindra argues the threat is overstated. With legacy contracts shrinking and new AI revenue yet to fill the gap, uncertainty continues to weigh on investor sentiment.

Global growth is increasingly concentrated, with China, India and the US driving nearly 60% of the expansion. The West Asia war threatens growth, while AI investment provides an offset. India has sustained strong growth but remains vulnerable to geopolitical shocks, weak AI development and dependence on foreign capital. Boosting AI adoption, productivity and external financial stability will be crucial to sustaining its ambitions of becoming a developed economy.

Sebi plans to review regulations governing mainboard IPOs and further public offers, including eligibility criteria, promoter contributions, lock-in requirements and valuations. A sub-group under its Primary Markets Advisory Committee will examine the existing framework and suggest changes. The move comes amid broader scrutiny of public fundraising rules, including proposals to tighten listing requirements for small and medium enterprise IPOs.

India's top IT firms are expanding beyond software delivery to advise clients on AI model selection, costs and business transformation. TCS, HCLTech, Wipro and Tech Mahindra see falling AI costs opening new opportunities, following Accenture's lead. The shift challenges a traditional business model built on labour arbitrage, as firms seek to influence technology decisions rather than simply execute them.