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Reliance Industries has formally initiated the IPO process for its digital and telecom arm, Jio Platforms, filing draft papers for what could be India's largest-ever public offering.
Jio Platforms has initiated the valuation testing phase for a $3.2 billion initial public offering, setting the stage for India's largest-ever public market debut.
Institutional investors placed bids worth roughly $30 billion for the anchor portion of Jio Platforms' initial public offering, oversubscribing the allocation by more than 30 times.
Institutional investors fully subscribed to Jio Platforms' Rs 30,213 crore initial public offering within 100 minutes of opening.