Business · 2026-10-27 · Afternoon briefing

India’s largest IPO may end its cheap data era

India is preparing for its largest-ever initial public offering, as telecom giant Jio Platforms aims to raise $3.2 billion. The company, owned by billionaire Mukesh Ambani and backed by Meta and Google, saw overwhelming demand from investors for the first share sale from its parent Reliance conglomerate in over two decades.

The IPO is expected to mark a turning point for the company's strategy. Since its 2016 launch, Jio used ultra-cheap tariffs to amass 553 million mobile subscribers, capture 50% of the wireless broadband market, and carry 60% of India's wireless data traffic. As a publicly listed firm, it will face pressure from minority shareholders to prioritise profit over market share, likely ending the price wars it started.

This shift could benefit struggling rivals. One analyst noted that the biggest beneficiary may be Vodafone Idea, calling it a moment when “the sector's weakest balance sheet gets its strongest tailwind.” Average data consumption per Jio customer has already climbed 52% in two years to 42.3 GB a month.

Summary written by Cup of News with AI from the sources below. Check the originals for the full story.

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• India's largest share sale could end cheap mobile internet for millions
• Jio Platforms RHP Filed: India’s Largest IPO Routes All Proceeds to Retire Debt

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