Jio Platforms, the telecommunications arm of Mukesh Ambani’s conglomerate Reliance Industries, has announced plans for an initial public offering (IPO) expected to be the largest in Indian history. The company, which provides low-cost broadband services to millions, is seeking to raise approximately 302 billion rupees (£2.4 billion). The offering targets a total market valuation of 10.3 trillion rupees (£81 billion).

The company, established a decade ago, currently counts major technology firms Meta Platforms and Google among its backers. Leadership of the firm is currently held by Akash Ambani, the eldest son of Mukesh Ambani. The IPO launch is proceeding despite a recent downturn in the Indian stock market, signaling confidence from the conglomerate in the long-term growth of its digital and telecommunications infrastructure. While the company has seen significant expansion, the timing of the float remains a point of interest for market observers given the current economic climate.