Jio Mega IPO Details Unveiled, Reliance Rebuts Musk, Gold ETF Curbs Hit MFs

Reliance Industries subsidiary Jio Platforms is preparing to launch what is slated to be the largest initial public offering in the history of Indian capital markets, valued at an estimated ten point three lakh crore rupees at the upper price band. The issue, opening on twenty-first October with a price band between one thousand sixty-five and one thousand one hundred and nineteen rupees, consists entirely of fresh share issuance rather than an offer for sale. Meanwhile, Reliance Industries responded to public remarks by Elon Musk concerning satellite communication approvals in India, affirming that the conglomerate does not fear competition and welcomes all entrants provided they comply with the nation's regulatory frameworks. In broader market updates, mutual funds have halted fresh lump sum investments and new systemic investment plans in gold exchange-traded fund of funds ahead of the festive season to ease currency pressures, while the Indian rupee opened stronger against the dollar.