Oil, AI and a feud with Musk: India billionaire Mukesh Ambani’s Jio launches US$3.2b IPO

Reliance Industries chairman Mukesh Ambani with his wife Reliance Foundation chairman and founder Nita Ambani host an event celebrating one year of the foundation’s flagship retail gallery and museum Swadesh in Mumbai October 10, 2026. — AFP pic

First Published: Wednesday, 21 Oct 2026 12:32 PM MYT

MUMBAI, Oct 21 — The digital arm of conglomerate Reliance Industries launched its potentially record-breaking IPO today, testing billionaire owner Mukesh Ambani’s digital ambitions after a turbulent year marked by energy conflicts and clashes with Elon Musk.

Jio Platforms, home to the country’s biggest wireless operator, is looking to raise up to US$3.2 billion (RM13 billion) in what is likely to be the country’s biggest-ever listing.

Retail investors have until Friday to participate in the offering, with shares priced between 1,065 and 1,119 rupees.

Most analysts expect gains when the stock debuts in Mumbai next week — likely October 28 — despite the weak performance of Indian equities this year.

Launched a decade ago, Jio’s wireless service disrupted the market with steep discounts that helped it rapidly win customers from rival telecom firms Bharti Airtel and Vodafone.

The company’s 533 million subscribers provide a “strong foundation for future growth”, analysts at financial services firm Motilal Oswal said in a note.

But they also cautioned that “monetisation of newer digital services” still needs to be “demonstrated at scale”.

While the massive IPO is seven years in the making, it comes at a challenging time for Reliance — India’s most valuable listed company, which still depends heavily on its traditional oil business to make money.

Reliance’s refining empire drew the anger of the United States last year after White House adviser Peter Navarro accused Indian tycoons of profiting off the Ukraine war by buying discounted Russian crude.

While Navarro did not identify specific businessmen, it was widely seen as a swipe widely at Ambani, who this year appeared to offer an olive branch by supporting the construction of America’s first major new oil refinery in half a century.

Ambani is set to meet US Secretary of State Marco Rubio today in the western city of Jamnagar — where Reliance’s massive refinery complex is located — as Washington seeks to boost energy cooperation 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.

While Jio makes most of its money from telecoms, it has expanded into areas including artificial intelligence.

Reports also said it was also considering a low-orbit satellite constellation to provide internet services from space — a venture that would see it compete with Musk’s Starlink, which has been trying for years to launch in India.

Musk this month accused unnamed Indian “oligarchs” of preventing Starlink’s rollout in the country, and referred to the Reliance boss as “Prime Minister Ambani” and 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. — AFP