Ambani’s Jio Hits $137bn Valuation, Becomes India’s Second-Most Valuable Firm

Reliance Jio Platforms, the telecommunications and digital services business owned by Indian billionaire Mukesh Ambani, has become India’s second-most valuable listed company after a strong stock market debut on Wednesday, October 28, 2026.

Jio shares climbed approximately 27 per cent during their first trading session, closing at 1,417.50 rupees, compared with the initial public offering (IPO) price of 1,119 rupees. The rally placed the company’s market capitalisation at about $137 billion, behind only its parent company, Reliance Industries, according to Reuters and other financial reports.

The listing followed an IPO that raised approximately $3.1 billion to $3.2 billion, making it India’s largest public share offering to date. The issue attracted strong investor demand, with subscriptions reported at more than 22 times the shares available. The offering was fully subscribed within roughly 100 minutes of opening, according to Indian financial media.

The market debut also strengthened the position of the wider Reliance business empire. The combined market value of Reliance’s listed businesses rose to approximately $320 billion, putting it ahead of the Tata Group by aggregate market capitalisation, according to reports citing market data.

Jio has grown rapidly since Reliance entered India’s telecommunications market about a decade ago. Its low-cost data and voice offerings disrupted the industry, putting pressure on established operators and helping expand internet access across the country.

The company now serves more than 530 million telecommunications customers, making it one of the world’s largest mobile operators by subscriber numbers within a single country. Beyond mobile connectivity, its business includes broadband, digital entertainment, cloud services and enterprise technology.

The listing is central to Ambani’s strategy of transforming Reliance from a business traditionally associated with oil and chemicals into a broader group spanning telecommunications, technology and consumer services.

Jio is also backed by global technology companies Meta Platforms and Alphabet, Google’s parent company. The partnerships reflect the company’s ambitions to expand its digital ecosystem and develop services beyond conventional mobile telecommunications.

The company has said that a substantial portion of the IPO proceeds will be used to repay or reduce borrowings associated with its telecommunications business. Reports indicate that Jio plans to allocate up to approximately $2.89 billion of its net IPO proceeds towards this purpose.

Despite the strong debut, analysts have highlighted risks including intense competition, substantial capital expenditure and potential changes to India’s telecommunications regulations. The shares’ performance after listing will depend on the company’s ability to translate its large customer base and expanding digital services into sustained revenue and earnings growth.

Jio’s debut marks a significant moment for India’s capital markets and Reliance’s business expansion. However, the company’s valuation will continue to fluctuate with its share price, investor expectations and financial performance.