Tag: MukeshAmbani

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Jio Platforms IPO fully subscribed within 100 minutes

Mukesh Ambani-led Jio Platforms has created history in India’s primary market, with its ₹30,213-crore initial public offering (IPO) fully subscribed within just 100 minutes of opening on Wednesday, October 21. The issue is set to become India’s largest-ever IPO, attracting strong interest from institutional investors despite relatively cautious participation from retail buyers.

The public issue of Reliance Industries’ digital and telecommunications business will remain open until October 23. The rapid subscription marks a significant milestone for Jio Platforms, which has transformed India’s mobile internet market since launching its services in 2016.

The offering has surpassed Hyundai Motor India’s ₹27,870-crore IPO in 2024 to become the country’s biggest public issue by value. It has also drawn considerable attention because it gives investors an opportunity to buy shares in one of India’s largest digital businesses.

However, the early response has not been uniform across investor categories. Institutional buyers have led the demand, while retail investors have been more cautious about the valuation and potential listing gains.

Jio Platforms has fixed the IPO price band at ₹1,065 to ₹1,119 per share. The issue comprises 27 crore fresh equity shares and will raise ₹30,213 crore at the upper end of the price band.

At this price, the company is valued at approximately ₹10.3 lakh crore, making it one of the most valuable businesses to enter India’s public markets.

The IPO is structured entirely as a fresh issue, meaning the proceeds will go to the company rather than existing shareholders selling their shares through an offer for sale. A substantial portion of the money is earmarked for debt repayment, with the remaining amount intended for general corporate purposes.

Investors can apply for a minimum lot of 12 shares. At the upper price band of ₹1,119, this requires an investment of ₹13,428, excluding applicable charges.

The issue opened on October 21 and will close on October 23. The final subscription figures will show whether demand continues to grow across all investor categories.

Qualified institutional buyers (QIBs), including mutual funds, insurance companies and other large financial institutions, have driven the rapid subscription.

According to subscription data reported on Wednesday, the QIB portion was fully subscribed within the first 10 minutes of bidding and subsequently attracted bids well above the shares reserved for the category.

The strong response also follows substantial interest from anchor investors before the public issue opened. Jio Platforms raised around ₹8,110 crore from anchor investors, with bids reportedly reaching approximately ₹2.5 lakh crore.

The anchor book included global asset managers, sovereign wealth funds, domestic mutual funds and insurance companies. Their participation indicates significant institutional interest in gaining exposure to Jio’s telecommunications and digital services businesses.

Retail participation, however, has remained comparatively subdued during the early hours. This difference is important because overall subscription figures can conceal variations in demand between large institutions and individual investors.

Strong institutional demand can support confidence in an IPO, but it does not guarantee listing gains or long-term returns.

Jio has reshaped India’s telecommunications industry by making mobile data more affordable and expanding access to high-speed internet. Its business has grown beyond mobile connectivity to include home broadband, digital entertainment and enterprise services.

The company has also attracted investments from global technology groups, including Meta and Google, strengthening its position in India’s digital economy.

Its next phase of growth could depend on increasing average revenue per user, expanding 5G services and developing opportunities in artificial intelligence, cloud computing and other digital businesses.

However, analysts will also examine the company’s valuation, competition and ability to convert its large subscriber base into sustained revenue growth.

The IPO is particularly significant for Reliance Industries, which is opening its digital business to public investors after years of expansion under Ambani’s leadership.

The Jio Platforms IPO is scheduled to close on October 23, with allotment expected to be finalised on October 26. The shares are scheduled to list on the BSE and NSE on October 28.

Investors are also tracking the grey market premium (GMP), an unofficial indicator of expected listing sentiment. However, the premium can change quickly and should not be treated as a reliable prediction of the actual listing price.

The final subscription figures, share allotment and market conditions will help determine how the stock performs when trading begins.

Jio Platforms’ rapid subscription has given the company a record-breaking start in India’s IPO market. The next test will be whether investor enthusiasm translates into a strong listing and sustained demand after the shares begin trading.

 

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Leaders

Gautam Adani reclaims top spot as India’s richest man

Gautam Adani and his family have reclaimed the top position on the M3M Hurun India Rich List 2026, overtaking Mukesh Ambani and family as India’s wealthiest business group. Adani’s wealth rose 13% over the past year to ₹9.23 lakh crore, while Ambani’s wealth fell 10% to ₹8.63 lakh crore.

The gap between the two stood at ₹59,400 crore, according to the latest rich list released on September 23. In dollar terms, Adani’s wealth was estimated at $96 billion, compared with $90 billion for Ambani.

The shift at the top is part of a broader change in India’s wealth landscape. The number of dollar billionaires in the country has reached a record 391, an increase of 27 from the previous year. The wider Hurun list tracks 1,810 individuals with wealth of at least ₹1,000 crore, up by 128 from last year and 803 over five years.

The combined wealth of those on the ₹1,000-crore list rose 12.8% to ₹187.5 lakh crore, showing how quickly India’s pool of high-net-worth individuals continues to expand. The list now covers 163 cities, including 106 cities within India.

Mumbai remains the main centre of wealth creation, with 465 people on the list. New Delhi follows with 236, while Bengaluru has 129. Mumbai alone is home to 93 dollar billionaires.

Big moves at the top

While Adani returned to the No. 1 position, several other major business families also saw significant changes in their fortunes.

Lakshmi Niwas Mittal and family of ArcelorMittal climbed eight places to third. Their wealth jumped 93% to ₹3.39 lakh crore. The increase was linked to firmer regional steel prices and Europe’s trade protection measures for the steel industry. Mittal recorded the largest absolute increase in wealth among those on the list, adding ₹1.64 lakh crore.

Anil Agarwal and family of Vedanta Resources moved up seven places to ninth, with wealth rising 87% to ₹2.08 lakh crore. Samir Mehta and family of Torrent Pharmaceuticals entered the top 10 at ₹1.89 lakh crore, following a 52% rise in wealth linked in part to the completion of the JB Chemicals merger.

The changes highlight the continuing importance of traditional sectors such as metals, pharmaceuticals, energy and manufacturing in India’s wealth creation.

At the same time, newer industries are beginning to make a much bigger mark.

AI becomes a wealth creator

Artificial intelligence has made its debut as a separate sector in the M3M Hurun India Rich List. Nineteen individuals associated with AI businesses feature on the list, with combined wealth of ₹3.07 lakh crore. Fifteen of them are new entrants.

The AI fortunes stretch across several parts of the technology ecosystem, including data centres, semiconductors, AI models and applications. Among the new names are Tanay Kothari and Sahaj Garg, both 28, who entered the list with ₹4,200 crore each through their AI company Wispr Flow.

The rise of AI wealth is not limited to companies based in India. Thirteen of the 19 AI names on the list are based outside the country, reflecting the global reach of Indian-origin technology entrepreneurs.

Data centres are another emerging source of wealth. Sridhar Pinnapureddy and family of CTRL S Datacentres have a wealth of ₹46,100 crore, while Darshan Hiranandani of Yotta has ₹37,900 crore. Their businesses are benefiting from rising demand for computing capacity and data storage as cloud services and AI applications expand.

Quantum computing enters the list

The rich list also records India’s first quantum-computing entrepreneur. Nagendra Nagaraja of Bengaluru-based QpiAI entered with wealth of ₹1,700 crore.

His entry reflects a wider expansion of India’s deep-tech ecosystem. AI, aerospace and defence, and semiconductors together account for 48 individuals with combined wealth of ₹4.26 lakh crore. Thirty of these individuals are new entrants this year.

The aerospace and defence sector alone added 23 entrants with combined wealth of ₹85,200 crore, showing how emerging technologies and strategic industries are becoming increasingly important to wealth creation.

New wealth beyond India

Some of the biggest new names on the list are also based outside India. Renuka Jagtiani of Landmark Group emerged as the biggest new entrant, with wealth of ₹70,500 crore. Sridhar Pinnapureddy, Darshan Hiranandani and Ravi Pillai were among the other major new entrants.

Eight of the 10 biggest new entrants live outside India, with several based in Dubai, the US and other global business centres. The list includes entrepreneurs connected to retail, data centres, semiconductors, investment management and technology.

The latest list also shows the growing role of professional managers and investors in India’s wealth story. Jayshree Ullal of Arista Networks leads among professional managers of Indian origin, followed by Google’s Sundar Pichai and Palo Alto Networks’ Nikesh Arora.

India’s wealth creation, therefore, is no longer being driven only by established family businesses. Traditional industries continue to dominate the upper end of the list, but AI, quantum computing, semiconductors, data centres and aerospace are creating a new generation of wealthy entrepreneurs.

The return of Adani to the top captures one side of that changing picture. The growing number of technology-led fortunes shows the other.

 

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Leaders

Mukesh  Ambani announces $110 billion for AI in India

Reliance Industries, led by Mukesh Ambani, announced a $110 billion (₹10 lakh crore) investment in artificial intelligence over the next seven years. The plan, revealed at the India AI Impact Summit 2026 in New Delhi, aims to make AI services as accessible and affordable in India as mobile data has become.

Ambani highlighted that the main barrier to AI adoption in India is not talent but the high cost of computing power. To tackle this, Reliance and its telecom arm Jio are building large AI-ready data centres in Jamnagar, Gujarat, starting with 120 megawatts in 2026 and gradually expanding to gigawatt scale. The initiative will also include a nationwide edge computing network, ensuring faster AI services for both urban and rural areas.

Reliance plans to use its green energy surplus, including 10 gigawatts of solar power from Kutch and Andhra Pradesh, to reduce the cost of running these centres. Ambani stressed that the goal is to make AI tools affordable for education, healthcare, agriculture, and small businesses across India.

The summit also saw commitments from other companies. The Adani Group plans to invest $100 billion in AI-powered, renewable energy data centres by 2035. Global tech giants such as Microsoft, Google, Amazon, and Nvidia announced investments and partnerships to expand cloud services and AI infrastructure in India.

Union IT Minister Ashwini Vaishnaw said the summit secured infrastructure investment pledges exceeding $250 billion, showing strong global confidence in India’s AI potential. Leaders emphasized that India is emerging as a trusted hub for AI innovation, combining digital infrastructure with scalable technology deployment.

Also Read: OpenAI–Tata partner for 100mw AI data centre in India

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Mukesh Ambani commits Rs 7 Lakh cr to Gujarat for 5 years

Reliance Industries Chairman Mukesh Ambani on Sunday announced an investment of Rs 7 lakh crore in Gujarat over the next five years, reaffirming the group’s long-term commitment to the state. The announcement was made at the Vibrant Gujarat Regional Conference held in Rajkot, which focused on development in the Kutch and Saurashtra regions.

Ambani said the proposed investment is nearly double what Reliance invested in Gujarat over the previous five years. He described the commitment as a strategic push to strengthen Gujarat’s role in India’s growth story, while creating large-scale employment and boosting industrial capacity.

A major share of the investment will go into transforming Jamnagar into a global clean energy hub. Reliance plans to expand projects related to solar power, green hydrogen, energy storage and advanced materials. The Jamnagar complex, already a key refining and petrochemicals centre, is expected to evolve into a major exporter of clean energy solutions.

Reliance also plans to set up one of India’s largest AI-ready data centres in Gujarat and roll out an India-specific artificial intelligence platform through Jio. The platform is aimed at making AI accessible in Indian languages and supporting digital services across sectors.

In addition to energy and technology, the investment roadmap includes healthcare, education and sports infrastructure. Ambani said Reliance would support Gujarat’s preparations for hosting the 2036 Olympic Games, if India’s bid succeeds.

At the same event, Adani Ports and SEZ Managing Director Karan Adani announced a Rs 1.5 lakh crore investment plan for Mundra, including port expansion and a large renewable energy park. Together, the announcements underscored Gujarat’s position as a major destination for private investment.

Also Read: Adani plans ₹1.5 lakh cr investment in Kutch

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Corporate

Mukesh Ambani’s Jio eyes 2.5% IPO in 2026

Mukesh Ambani-led Reliance Jio Platforms is preparing for an initial public offering (IPO) in 2026 that could become the largest in India’s history. The company is considering selling a 2.5 per cent stake, potentially raising over $4 billion (around ₹33,000 crore) if valuations hold.

The IPO is among the most anticipated in the Indian market, reflecting Jio’s rapid growth since its launch and its expansion into telecommunications, digital services, and AI. With more than 500 million subscribers, Jio is India’s biggest mobile network operator.

Valuation talks are ongoing. Investment bank Jefferies estimated Jio Platforms’ value at roughly $180 billion late last year. At that level, a 2.5 per cent stake could fetch about $4.5 billion, surpassing previous record IPOs in India. Some bankers have suggested even higher valuations, up to $200–240 billion, but final decisions on pricing and structure are yet to be made.

A key factor in the plan is a pending regulatory change that would reduce the minimum public float requirement for large IPOs from 5 per cent to 2.5 per cent. This would allow Jio to sell a smaller portion initially, generating higher investor interest and pricing tension.

Reliance executives have not publicly commented on the IPO. It remains unclear whether the offering will involve new shares, an offer-for-sale by existing shareholders, or a combination of both. Morgan Stanley and Kotak have been engaged to prepare the IPO prospectus, a regulatory requirement for listing.

If completed, the listing would energize India’s IPO market, which ranked among the world’s top markets in 2025. Jio’s entry could set a new benchmark for technology and telecom valuations in India and provide an exit for early investors who backed the company during its rapid growth phase.

The IPO would also highlight Mukesh Ambani’s strategy to unlock value from Reliance Jio Platforms while maintaining strong control over the company’s long-term vision.

Also Read: US lets India buy Venezuelan oil

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India’s Top Philanthropists Give ₹10,380 Cr

India’s wealthiest are giving bigger donations than ever, with a clear focus on education and social impact. According to the EdelGive Hurun India Philanthropy List 2025, total contributions by the country’s top philanthropists rose to ₹10,380 crore in 2024–25, up 85% over three years.

Shiv Nadar, founder of HCL Technologies, tops the list, donating ₹2,708 crore this year, around ₹7.4 crore per day. Over the past five years, Nadar and his family have contributed more than ₹10,120 crore, mainly through the Shiv Nadar Foundation, which supports education and social development.

Mukesh Ambani and family are second, giving ₹626 crore, largely through the Reliance Foundation, for healthcare, rural development, and education. Gautam Adani donated ₹376 crore, followed by Nandan Nilekani with ₹304 crore. Other top donors include the Hinduja family (₹298 crore), Rohini Nilekani (₹204 crore), India’s leading woman philanthropist, Sudhir and Samir Mehta (₹189 crore), and Cyrus and Adar Poonawalla (₹173 crore).

The top 25 donors have contributed nearly ₹50,000 crore in the past three years, averaging about ₹46 crore per day. Education remains the largest focus, followed by skills development and community healthcare.

Experts say the rise in structured philanthropy shows that India’s wealthy are increasingly aiming for long-term social impact, rather than one-off charity. By using foundations and institutional channels, donations are becoming more transparent, measurable, and aligned with national development goals. Large-scale contributions like these could play a crucial role in strengthening India’s education, healthcare, and research systems.

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