Mukesh Ambani's Jio Platforms launched India's largest initial public offering on Wednesday, seeking to raise up to 302 billion rupees (£2.4 billion) at a targeted valuation of 10.3 trillion rupees (approximately £81 billion), according to The Guardian.
Jio Platforms operates as a low-cost broadband provider and holds backing from Meta Platforms and Google. The company proceeded with the float despite a broader stock market downturn, The Guardian reports.
Ambani ranks as India's second-richest person. The IPO represents a significant capital raise for the telecommunications sector in India, though the exact final valuation and funds raised will depend on market conditions and investor demand during the offering period.