India's biggest telecom giant, the Meta and Google-backed Jio Platforms, is set to make its stock market debut on Wednesday.
Despite a bruising spell for Indian markets, its historic $3.2bn initial public offering (IPO) - the country's largest ever - has drawn overwhelming demand from top global fund managers, domestic institutions and mom-and-pop retail investors.
Bids outstripped the shares on offer within hours of subscriptions opening on 21 October.
Owned by Asia's richest man, Mukesh Ambani, Jio is one of India's most consequential companies, with half a billion people subscribing to its cheap mobile data. But its meteoric rise has also been dogged by controversy.
The company burst onto India's crowded telecom scene in 2016, offering throwaway tariffs that got millions of Indians hooked to the internet.
But its launch led to a huge disruption in the telecom sector. A market once crowded with 17 operators shrunk to an oligopoly of just three, with critics accusing the deep-pocketed company of waging a price war that pushed rivals out of business.
More recently, Elon Musk criticised Ambani, calling him the "real boss of India", suggesting that Jio was trying to thwart Starlink's entry into India. Reliance dismissed the allegations saying it welcomed competition from Musk.
For all the scrutiny it has faced over the last decade, Jio's discounted data plans have been a bedrock of India's digital revolution, spawning a huge digital economy and democratising online payments, food delivery and e-commerce in Asia's third-biggest economy.
Within three years of its launch, customer data usage rose fifty-fold and data prices crashed.
This aggressive discounting helped Jio rapidly amass some 553 million mobile subscribers by 2026. It also cemented its dominance in other segments, capturing 50% of the wireless broadband market and more than 40% of fixed broadband.
Jio also carries 60% of India's wireless data traffic and boasts of the largest 5G subscriber base outside China, according to brokerage Emkay Global, which has described the company as the "digital engine of India".
But analysts say its stock market debut - which will see its promoters dilute their shareholding by about 3% - could mark a turning point in Jio's pricing strategy, potentially bringing an end to years of ultra-cheap tariffs.
"The era of Jio using cheap tariffs as a market-share weapon is drawing to a close," said Nitya Shah, co-founder of KamayaKya Wealth Management.
"A listed Jio must answer to minority shareholders… which structurally reduces its incentive to keep pricing suppressed."
Jio's future growth will no longer be driven primarily by adding subscribers through discounted plans. Instead, it will depend on "earning more per subscriber - through the migration to 5G, successive tariff revisions, and the extension of fixed wireless broadband into homes fibre has never reached", brokerage company Motilal Oswal said in a note.
The listing could also pave the way for Jio's competitors to raise prices, as fears of being undercut by a cheaper rival begin to recede.
"The biggest beneficiary of this shift could be Vodafone Idea," says Shah. "It is a moment the sector's weakest balance sheet gets its strongest tailwind".
For Indian consumers, any further increases would come on the heels of an industry-wide tariff hike a few years ago. Analysts say another round of price rises could trigger a fresh churn in the market as price-sensitive customers switch to the cheapest plans available.
While consumers may have to brace for higher bills, Jio's IPO offers investors a bet on India's seemingly insatiable appetite for data - and the growing ecosystem of digital services the company offers across entertainment, cloud computing, gaming and financial services.
India has emerged as the second-largest consumer of mobile data in the world, driven by lower tariffs and rising penetration of smartphones.
Jio's monthly data use per customer has climbed from 28.7 GB in 2024 to 42.3 GB in 2026 - up by 52% in two years. As per some estimates, usage is expected to surge further to 65GB by the end of this decade as disposable incomes rise.
All of this will give a tailwind for Jio to drive long-term growth in average revenue per user.
"Penetration of most digital services remains well below China and the US, which leaves significant headroom [for growth]," according to Emkay Global.
The listing is also likely to enhance transparency and provide investors with a "clearer market valuation" for the company, according to Moody's rating agency, as Jio is currently part of Reliance Industries, which has businesses spanning oil refining and retail.
But as much as its central and growing role in India's economy has excited investors, the buzz about the IPO also comes from the fact that this is the first share sale from the Reliance conglomerate in over two decades.
The company - which started as a small spice and polyester yarn trading venture in 1958 before expanding into textiles, petrochemicals, refining and eventually to retail, telecom and digital services - is known for its track record of long-term wealth creation, and enjoys legendary status among mom-and-pop investors.
Dhirubhai Ambani, the founder of the Reliance empire, is said to have played a foundational role in popularising equity investing and taking it beyond the preserve of traders and wealthy families in the 1980s and 90s.
In its early years, Reliance built a vast base of individual shareholders by turning its annual general meetings into grand spectacles of big announcements, dividend payouts and celebrations of public share ownership. Over time, this helped forge a fiercely loyal investor base, many of whom developed a deep emotional bond with the company.
And while Reliance Industries' stock has fallen nearly 20% over the past year, its longer-term track record continues to inspire confidence.
"The company has given average annualised returns of around 30% consistently for thirty years," Kranthi Bathini of Mumbai-based WealthMills Securities told the BBC.
"That's why there's anticipation that the same magic can be replicated with the Jio IPO."
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