India's largest share sale could end cheap mobile internet for millions
India's largest telecom company, Jio Platforms, is launching a massive $3.2bn IPO amid significant market interest. While the company is credited with democratizing internet access in India, it faces criticism for its aggressive pricing strategies and market dominance.
Why it matters
Jio's market debut is a major event for the Indian economy and reflects the broader global debate on digital monopolies and market competition.
Figure caption, Watch: Jio's discounted data plans have been a bedrock of India's digital revolution
India's biggest telecom giant, the Meta and Google-backed Jio Platforms, is set to make its stock market debut on Wednesday.
Despite a bruising spell for Indian markets, its historic $3.2bn initial public offering (IPO) - the country's largest ever - has drawn overwhelming demand from top global fund managers, domestic institutions and mom-and-pop retail investors.
Bids outstripped the shares on offer within hours of subscriptions opening on 21 October.
Owned by Asia's richest man, Mukesh Ambani, Jio is one of India's most consequential companies, with half a billion people subscribing to its cheap mobile data. But its meteoric rise has also been dogged by controversy.
The company burst onto India's crowded telecom scene in 2016, offering throwaway tariffs that got millions of Indians hooked to the internet.
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