Mukesh Ambani mobilises Reliance's 420,000 staff to back Jio IPO

Mukesh Ambani is leveraging Reliance Industries’ extensive workforce—nearly 420,000 people—to generate interest in Jio Platforms Ltd.’s planned IPO valued at up to $3.2 billion. The company released October salaries roughly fifteen days ahead of schedule, providing employees with liquid funds for possible investment. Staff were contacted to confirm whether they or family members hold the necessary electronic trading accounts, and those lacking them were encouraged to open accounts.

Up to ₹500 crore worth of shares, priced at a 5% discount, have been earmarked for eligible employees, while an additional ₹2,500 crore is set aside for existing Reliance shareholders. The offering, targeting a valuation of up to ₹10.3 trillion, opens for subscription on Oct. 21 and closes on Oct. 23, with strong interest already reported from global investors such as Fidelity and Allianz.