Jio Platforms, the telecom arm of Reliance Industries, is set to launch India’s largest initial public offering (IPO) on 21 October. The IPO, priced at the upper end of its band, aims to raise ₹30,200 crore, surpassing Hyundai Motor India’s offering in October 2024. Jio, which entered the market in 2016, is poised to become India’s fourth-most-valuable listed company after its listing on 28 October.
The National Payments Corporation of India (NPCI) has delayed the introduction of charges on select person-to-merchant (P2M) UPI transactions, citing the festive season. The 0.4% charge on transactions above ₹2,000, capped at ₹300, was originally scheduled for 15 October but will now be implemented after Diwali. UPI transactions typically peak during October and March.
The Union Cabinet has approved the sale of a 60.7% stake in IDBI Bank to Canada-based Fairfax Financial Holdings for ₹52,877 crore. This deal, the largest privatization since Air India’s sale in 2022, marks a significant foreign investment in India’s financial sector. The government and LIC currently hold the stake, and the transaction is expected to boost disinvestment efforts.
The rupee strengthened by 1.8% against the US dollar this week following measures by the Reserve Bank of India (RBI) to ease dollar demand and curb currency derivative positions. The rupee closed at ₹95.03 to the dollar on 14 October, recovering from a 2.5% depreciation between 7 September and 8 October.