Mukesh Ambani taps massive Reliance workforce to boost Jio’s record IPO

Reliance is mobilising its nearly 420,000 employees across group companies to invest in Jio's upcoming IPO, the largest ever in India, by releasing October salaries about 15 days early and helping staff open demat accounts. Jio aims for a valuation of up to Rs 10.3 lakh crore ($108 billion), raising as much as Rs 3,020 crore at a price band of Rs 1,065 to Rs 1,119 per share, with up to Rs 50 crore reserved for employees at a 5 percent discount and Rs 250 crore for RIL shareholders. The IPO opens October 21 to 23 with the anchor book on October 19, and has already drawn more than $20 billion in bids from global investors including Fidelity, Allianz and Capital Group.