Asia’s richest man ⁠Mukesh Ambani’s telecoms and digital unit Jio Platforms is set to list in Mumbai on Wednesday, after its $3.2 ‌billion IPO drew $77 billion in bids in India’s most-subscribed offering ever.

Valued at up ‌to $108.3 billion, Jio, backed by Meta and ‌Alphabet’s ⁠Google, serves more than 530 million customers ⁠and will potentially become one of India’s biggest companies by market capitalisation when trading starts.

The listing furthers Ambani’s ​plan to turn ‌Jio’s parent Reliance Industries from an oil-and-chemicals conglomerate into an “everything company” spanning consumer and technology.

The listing ceremony for Jio is expected to be ‌attended by Akash Ambani, Ambani’s eldest son, ​who is managing director, an industry source with direct knowledge said.

Ahead of the listing, the premium ‌for Jio shares in the grey market – an unregulated market that allows investors to trade in unlisted shares – indicates gains of about 22%.

India has become the world’s busiest IPO market this year by number of deals, ‌with 246 listings so far, but ranks fourth ​by money raised at $13.5 billion, behind the United States, mainland China and Hong Kong, ⁠LSEG data showed.