Mukesh Ambani’s Reliance Industries is advancing its ambitions in the technology sector as its digital subsidiary, Jio Platforms, attracts strong demand from investors ahead of a potentially record-breaking stock market debut in India.

The initial public offering (IPO) of Jio Platforms received bids for all 197.5 million shares available within 100 minutes of opening on Wednesday, according to data from the Bombay Stock Exchange, as reported by Channels Television. The company is seeking to raise up to $3.2 billion through the offer, which could become India’s largest-ever listing.

Jio’s appeal rests partly on its position in India’s telecommunications market, where it has accumulated about 533 million subscribers since launching its wireless service a decade ago. Its low-cost data packages helped disrupt the industry and intensify competition with established operators such as Bharti Airtel and Vodafone.

However, the company’s next phase of expansion will depend partly on its ability to turn its growing digital operations into additional revenue. Motilal Oswal, a financial services firm, identified Jio’s extensive subscriber base as a major advantage but noted that the commercial potential of its newer digital services had yet to be demonstrated on a large scale.

Beyond telecommunications, Jio has moved into artificial intelligence and is reportedly considering satellite-based internet services that could put it in direct competition with Elon Musk’s Starlink, which has been seeking to enter the Indian market.

The proposed expansion comes amid public friction between Musk and Reliance over satellite communications. Musk recently accused unnamed Indian business interests of standing in the way of Starlink’s launch, while Reliance maintained that it was open to competition in the sector.

For Reliance, the technology push offers a route to broaden its business beyond oil refining, a sector that has attracted scrutiny in the United States over Indian purchases of discounted Russian crude. Ambani was scheduled to meet US Secretary of State Marco Rubio in Jamnagar on Wednesday as the two countries pursued closer energy cooperation.

Jio’s anticipated market debut, expected around October 28, therefore represents a significant step in Reliance’s effort to strengthen its digital business while maintaining its position across India’s energy and industrial sectors.