- Jio shares jump 27 per cent on debut in Mumbai
- Listing values Jio at around $137 billion (£102 billion)
- Reliance group overtakes Tata as India’s most valuable business empire
- Mukesh Ambani in tears as his children speak at the listing ceremony
SHARES in Mukesh Ambani’s Reliance Jio Platforms soared 27 per cent on their stock market debut in Mumbai on Wednesday, making it India’s second most valuable company after its parent, Reliance Industries.
The listing values Jio at around $137 billion (£102 billion), overtaking Bharti Airtel and HDFC Bank. It also lifted the combined value of the Reliance group to $320 billion (£239 billion), making it India’s most valuable business group ahead of the Tata Group.
Jio shares closed at 1,417.5 rupees (about £11), near the day’s high, compared with an offer price of 1,119 rupees (about £8.70). They rose as much as 27.3 per cent during the session.
“The IPO price offered a valuation entry point; the listing price reflects a much greater degree of optimism,” said Aishvarya Dadheech, founder of Fident Asset Management.
An emotional day for the Ambanis
The listing, Reliance’s first in two decades, follows a record $3.2 billion (£2.4 billion) IPO, India’s largest.
Jio Awaits Clearance as Ambani Responds to Musk's Claims
At the ceremony at the National Stock Exchange, all three of Ambani’s children gave speeches, while Ambani, Asia’s richest person according to Forbes, sat in the audience in tears. His eldest son, Akash, Jio’s managing director, touched his parents’ feet, a traditional gesture of respect, before walking on stage.
Ambani has spent years planning his succession to avoid a repeat of the public feud with his younger brother, Anil, that followed the death of their father, Reliance founder Dhirubhai Ambani, in 2002.
Dhirubhai took Reliance public in 1977 with an offering aimed at small investors, widely credited with helping build India’s share-owning culture. Reliance shares have returned about 900 per cent since 2006.
From telecoms to ‘everything company’
The listing advances Ambani’s plan to turn Reliance from an oil and chemicals conglomerate into an “everything company” spanning consumer products and technology.
Jio, backed by Meta and Google, has more than 530 million telecom customers, second only to China Mobile among single-country operators. It plans to use up to $2.89 billion (about £2.2 billion) of the proceeds to repay debt at its telecoms unit.
Ambani's Jio Platforms begins IPO process
Brokerages see room for further gains but flagged risks including competition, heavy capital spending and changes to India’s telecom rules.
India’s IPO boom
India has become the world’s busiest IPO market this year by number of deals, with 246 listings so far. Despite its size, the Jio offering paid its 19 banks only about $20.7 million (£15.4 million) in fees, 0.65 per cent of the offer, roughly half what Hyundai Motor India paid in 2024.
The listing comes during the Hindu festive season leading up to Diwali, traditionally seen as an auspicious time for big purchases.
(With inputs from agencies)
