Mukesh Ambani's Jio completes record initial public offering in India

Jio Platforms has completed India's largest initial public offering, raising $3.2 billion in its stock market debut in Mumbai. Al Jazeera reported that shares of the telecom and digital company rose by 21 percent on its first day of trading. The surge brought the valuation of Jio to $131.5 billion, which makes it the second most valuable company in India. [1]

The company sits directly behind its parent firm, Reliance Industries, which is owned by Mukesh Ambani. Al Jazeera noted that global technology giants Meta and Google are among the major shareholders in Jio Platforms. Celebrations for the public listing in Mumbai featured DJ sets, a drone display and music performances. [1]

Jio Platforms operates through Reliance Jio Infocomm Limited, a subsidiary headquartered in Navi Mumbai. It runs a national LTE network covering all 22 telecom circles in India and provides 4G, 4G+ and 5G NR services, with 6G service currently in development. [6]

As FTMQ News reported earlier, Mukesh Ambani's Reliance operates Jio as the largest mobile network operator in India. FTMQ News also noted recent friction between satellite internet company Starlink and Indian regulators over market launch delays. [9]