How Ambani’s Jio became India’s second-largest company
Jio Platforms, the telecoms-to-digital arm of Reliance Industries, has completed India's largest-ever IPO, raising $3.2 billion. The company's shares surged 21% on debut, valuing the firm at $131.5 billion and cementing its dominant position in the Indian market.
Why it matters
This IPO highlights the massive consolidation of India's digital economy under the Ambani family and underscores the growing influence of Indian tech giants on the global stage.
Mukesh Ambani’s Jio upended India’s telecoms market with free data and crushed its competition. Now, it has made India’s largest-ever stock market debut.
x whatsapp-stroke copylink google Add Al Jazeera on Google info Antilia, the house of Indian businessman Mukesh Ambani, is decorated ahead of his son Anant Ambani's wedding with Radhika Merchant, in Mumbai, India, on July 10, 2024 [Francis Mascarenhas/Reuters] By Yashraj Sharma Published On 31 Oct 2026 31 Oct 2026 New Delhi, India – This week, Mumbai, India’s financial capital, was the site of a splashy display by Asia’s richest man, Mukesh Ambani, with DJ sets, a drone show and a jam session with popular Indian singers.
The festivities marked India’s largest-ever initial public offering (IPO), as Ambani’s Jio Platforms raised $3.2bn in its stock market debut.
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