Shares in Jio Platforms rose 27 per cent to 1,417.50 rupees ($14.90) on their first day of trading in Mumbai, giving the Ambani family’s telecoms and digital services group a market value of $137 billion and making it India’s second-most valuable listed company after parent Reliance Industries.
The listing followed India’s largest-ever initial public offering, in which Jio raised a record $3.1 billion. Combined with Reliance’s existing stake, the group’s consolidated market capitalisation now exceeds 30 trillion rupees, lifting the Ambani empire ahead of Tata Group as India’s most valuable conglomerate. Reliance shares fell 3.2 per cent on the day, their steepest decline in more than five months.
The debut marked a generational moment for the Ambani family. Four generations, including matriarch Kokilaben Ambani, gathered on the floor of the National Stock Exchange for the bell-ringing ceremony.
Akash Ambani, Mukesh’s eldest son and the deal’s public face, told investors Jio would create value for the next 50 years, echoing the arc of Reliance over the previous five decades. Mukesh, who helped work on Reliance’s own IPO at the age of 20, appeared visibly moved at several points during the ceremony, according to footage streamed on the NSE’s YouTube channel.
“It is a bumper listing and highly welcome in the current market situation,” said Shankar Sharma, founder of GQuant Investech. “Sometimes a big listing can alter the mood of the investing nation, and we all hope Jio does that to the Indian market.”
The strong open defies a difficult trend. The four Indian IPOs raising at least $2 billion this decade posted a weighted-average first-day decline of 9.9 per cent. Each of India’s five biggest previous IPOs now trades below its offer price. Hyundai Motor India, whose 279 billion-rupee IPO held the prior record, sits around 4 per cent below its issue price. The NSE, which raised about $2.4 billion last month, has also slipped below its own.
The offering attracted more than $78 billion in bids and nearly 14 million applications. Nomura Financial Advisory and Securities (India) initiated coverage with a buy rating, citing Jio’s market leadership and improving free cash flow prospects, with analysts including Bineet Banka setting a target price of 1,340 rupees.
Not all analysts are unequivocal, however. Jio’s market value is approaching that of AT&T and Verizon Communications, despite generating a fraction of their revenue. Anurag Singh, founder of Ansid Capital, put it plainly: “At 14 per cent annual growth, Jio could take 20 years to match AT&T’s revenue, a stark reminder that even great businesses can deliver poor returns when investors overpay.”
Risks flagged by Religare Broking include Jio’s dependence on telecoms licences and spectrum, where delays or non-renewals could weigh on the business. Valuation will remain a live debate as the company moves from IPO buzz to quarterly delivery.
“Jio’s expansion has helped accelerate digital adoption, which in turn has brought millions of Indians into the financial ecosystem, including the stock market,” said Raamdeo Agrawal, chairman and co-founder of Motilal Oswal Financial Services. “Jio’s growth potential remains significant.”
