MUMBAI, INDIA – OCTOBER 28: Mukesh Ambani (2L), Chairman of Reliance Industries, Nita Ambani (L), Founder-Chairman of Reliance Foundation, Jio Platforms Ltd., Non-Executive Director Isha Ambani (3L), Akash Ambani, Chairman of Reliance Jio Infocomm Ltd. (C), Non-Executive Director Anant Ambani (3R), Radhika Merchant (2R) and Kokilaben Dhirubhai Ambani (Right) ring the bell for the listing ceremony during the IPO debut of Jio Platforms at the NSE trading floor at Bandra-Kurla Complex (BKC) on October 28, 2026 in Mumbai, India.
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Billionaire Mukesh Ambani became the owner of the two most valuable companies in India, after an exceptional listing of Jio Platformsthe country’s largest telecommunications operator and digital services company.
Shares of Jio Platforms continued to climb on Thursday, opening up 3.3% a day after its market debut.
THE Meta– And Google-company listed on Wednesday at a premium of more than 25% over its IPO price, leading to a market capitalization of 13.05 trillion rupiah ($137.1 billion).
Ambani’s flagship company, Trusted Industriesalso the most valuable company in India, holds over 64% stake in Jio Platforms post-IPO.
Ahead of the listing, the Ambani family patriarch wept as his three children shared the journey of building Jio and vowed to create value for investors over the next 50 years.
Analysts expect Jio’s free cash flow to improve significantly as funds from the IPO will be used to pay down legacy telecom debt and the company’s 5G investment cycle slows down.
However, they warned that most of the value was priced in after listing gains, with the company now valued on par with some of the world’s telecoms giants.
With just 3% stock dilution, Jio wiped out nearly Rs 300 billion of debt, Anurag Singh, founder and managing partner of US-based Ansid Capital, told CNBC. He added that Jio’s current market capitalization puts it in the league of US telecom giants such as AT&T And VerizonCommunications.
AT&T has a market capitalization of $139 billion and Verizon has $179 billion, according to LSEG data.
Imagine if the Indian economy tomorrow became equal to the American economy; this is the valuation at which investors are buying Jio.
Anurag Singh
Founder, Ansid Capital
Over the next 10 years, Jio will “democratize every technology that can transform the lives of Indians”, Akash Ambani, Mukesh’s eldest son and chief executive of Jio Platforms, said on Wednesday ahead of the listing.
The 35-year-old cited artificial intelligence, cloud, connected devices and “connectivity from space” among key areas for future growth.
The company’s plans to launch satellite communications have drawn the ire of billionaire Elon Musk, who blamed the Ambanis for delays in launching Starlink in India earlier this month.
“Jio brings rare scale to Indian equities,” with a customer base of more than half a billion, operating margins of 52% and net leverage of 0.36 times, Vaqarjaved Khan, senior analyst at Indian brokerage Angel One, told CNBC.
He added that with a price-to-earnings ratio of 34 times, much of the “quality” is priced in and future returns will depend on improvements in average revenue per user and AI services.
Meanwhile, after Jio’s IPO, Reliance Group’s market value of Rs 30 trillion surpassed Tata Group’s market value of Rs 25 trillion, making the Ambani family business the country’s largest conglomerate, according to a Bloomberg report.
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