New Delhi: An attempt to upload a college assignment during a visit to Mumbai in 2009-10 failed because the internet was not working. That experience started conversations that eventually led to the creation of Jio. Isha Ambani said on Thursday at a press conference ahead of Jio Platforms’ initial public offering (IPO).
Isha said she and her twin brother Akash were studying in the United States. They had returned to India for a break. The internet was so unreliable that she could not submit her assignment on time. That moment stayed with her.
It made her realize how important fast and stable internet was. It was one of the experiences that sparked discussions about improving India’s digital connectivity. The experience prompted them to question why India lacked the dependable connectivity they had experienced abroad. According to Isha, Akash saw an opportunity to address the problem through a digital technology platform company.
Jio launched its services in 2016. Reflecting on its journey. Isha credited Reliance’s emphasis on long-term planning, scale and disciplined execution. She also recalled her grandfather Dhirubhai Ambani’s belief in enabling Indians to participate in the country’s prosperity.
Jio Platforms proposed IPO comprises up to 27 crore new shares, priced between Rs 1,065 and Rs 1,119 apiece, with no offer-for-sale component. At the upper price, it would raise approximately Rs 30,213 crore, exceeding Hyundai Motor India’s Rs 27,870 crore offering.
Bidding is scheduled for October 21–23, with anchor investor bidding on October 19. The shares are expected to list on October 28.
According to the red herring prospectus dated October 14, proceeds will primarily fund the prepayment of Reliance Jio Infocomm Limited’s borrowings and general corporate purposes.
