Reliance Jio Platforms, Indian billionaire Mukesh Ambani’s telecom-to-digital business, surged 27% on its Mumbai stock market debut on Wednesday, following a record-breaking USD 3.2 billion initial public offering (IPO), a feat that helped the entity become the South Asian major’s second-largest company by market capitalisation.
Jio’s valuation reached around USD 137 billion, lifting the combined market capitalisation of the wider Reliance conglomerate to USD 320 billion.
That made Reliance India’s most valuable business group by this measure, surpassing the Tata Group, which operates across sectors ranging from salt to aviation through several listed companies.
Jio’s listing, the first by the Reliance conglomerate in two decades, marks a major step in Ambani’s effort to transform the oil-and-chemicals group into an “everything company” spanning consumer products and technology.
Jio Platforms’ shares, on Thursday, closed at 1,419.50 rupees, beating Wednesday’s high of 1,417.5 rupees, compared with the IPO price of 1,119 rupees.
Immediately after its debut, the stock rose as much as 27.3% during trading, pushing its market capitalisation above those of telecom operator Bharti Airtel and HDFC Bank.
By Wednesday close, only its parent company ranked higher among Indian firms.
The listing ceremony in Mumbai became a grand affair, with the entire Mukesh Ambani family attending it, including the billionaire’s eldest son, Akash, who also serves as Jio’s managing director.
Asia’s richest person, according to Forbes magazine, has spent years shaping a succession plan intended to avoid a repeat of the public feud with his younger brother, Anil, following the death of their father, Reliance founder Dhirubhai Ambani, in 2002.
The listing also represents the latest chapter in the family’s long association with India’s equity markets. Dhirubhai took Reliance public in 1977 through an offering aimed at small retail investors, a move widely credited with helping build the country’s equity culture.
Mark Zuckerberg’s Meta Platforms and Alphabet’s Google back Jio, whose telecommunications business serves over 530 million customers.
Its subscriber base is second only to China Mobile’s among single-country operators.
The company plans to use up to USD 2.89 billion of the net proceeds from its IPO to repay borrowings at its telecommunications unit.
Jio Platforms’ offering also comes as India strengthens its position in global equity markets.
The South Asian major has become the world’s busiest IPO market this year by deal volume, with 246 listings so far.
Despite the size of Jio’s offering, the transaction did not generate a record payday for its bankers.
The 19 banks involved will share approximately USD 20.7 million, equivalent to 0.65% of the offering.
The tally will roughly be half the 1.3% that Hyundai Motor India paid its bankers in 2024, as per the reports.
The Jio listing builds on Reliance’s established position among Indian investors.
Reliance Industries has returned around 900% since 2006, outperforming the Nifty’s 685% gain, according to LSEG data.
The parent company is widely regarded as a buy-and-hold favourite in retail investment portfolios, providing a foundation for Ambani’s broader expansion into telecommunications, digital services and consumer businesses.