Jio IPO attracts investors in record time
Reliance Industries’ digital services arm, Jio Platforms, launched India’s largest initial public offering on Wednesday. Within two hours of opening, the sale attracted enough investor demand to fully subscribe to all 197.5 million shares available. BSE stock exchange data confirmed that bids surpassed the offering size in just 100 minutes, with local media labeling the event the fastest subscription ever recorded for an IPO in the country.
Massive Fundraising Target
Jio, which operates the nation’s largest wireless network, aims to raise up to $3.2 billion in the IPO. The company counts 533 million subscribers, a figure financial services firm Motilal Oswal described as a strong foundation for future growth. However, analysts also warned that monetizing newer digital services still needs to be demonstrated at scale.
While the listing is seven years in the making, it arrives at a challenging moment for Reliance. The firm remains India’s most valuable listed company but still depends heavily on its traditional oil business for revenue. This reliance on legacy energy contrasts sharply with Jio’s push into artificial intelligence and other digital ventures.
Strains from Russian oil links
Reliance’s oil refining business sparked controversy last year when US adviser Peter Navarro accused Indian business leaders of profiting from the Ukraine war by purchasing discounted Russian oil, a comment seen as aimed at Ambani.
Ambani is scheduled to meet with US Secretary of State Marco Rubio in Jamnagar, where Reliance’s large refinery is located, as the US seeks to strengthen energy ties with India.
Experts say Jio is key to Reliance’s strategy to evolve beyond its oil business and the touchstone of its future tech ambitions. Reports also suggest the company is considering a low-orbit satellite constellation to provide internet services from space, a venture that would see it compete with Elon Musk’s Starlink. Musk accused unnamed Indian “oligarchs” this month of preventing Starlink’s rollout in the country and referred to the Reliance boss as the “real boss of India.” Reliance responded by noting that it had never “feared competition” and welcomed offerings from rivals in satellite communications, including Starlink.
Reliance and the U.S. energy relationship
The meeting in Jamnagar will focus on energy cooperation between the two nations. Reliance’s chairman has previously sought to repair relations with Washington. He supported the construction of a new oil refinery in the United States last year. This move appeared to be an olive branch after tensions rose over Russian oil imports.
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Strategic shift to digital
Experts view Jio as the primary driver for Reliance’s transformation. Jio has expanded beyond telecommunications into artificial intelligence. The digital arm serves as the foundation for future tech ambitions.
World on course for 2.6C warming: UN
A report by the United Nations Environment Programme highlights the significant gap between climate rhetoric and action, posing a challenge for leaders at the upcoming COP31 climate summit in November.
Even if countries deliver their latest climate pledges in full, global temperatures could still rise 2.6C above pre-industrial levels by 2100, the annual Emissions Gap Report said.
No country immune
The world has already warmed roughly 1.4C relative to pre-industrial times and crossing 1.5C is expected in a matter of years.
The G20 accounts for three-quarters of global emissions but Guterres said all countries, especially the big emitters, must do more to stop heating the planet.
Among the world’s top-six emitters, preliminary data for 2025 showed emissions increases in the US, Indonesia and China and decreases in India, Russia and the European Union.
