MUMBAI, INDIA – OCTOBER 28: Reliance Industries Chairman Mukesh Ambani (2L), Reliance Foundation Founder Chairman Nita Ambani (L), Jio Platforms Ltd. Non-Executive Director Isha Ambani (3L), Reliance Jio Infocomm Ltd. Chairman Akash Ambani (C), Non-Executive Director Ananth Ambani (3R), Radhika Merchant Kokilaben Dhirubhai Ambani (2R) and Kokilaben Dhirubhai Ambani (R) ring the ceremonial listing bell during the stock market debut of Jio Platforms at the NSE Trading Hall at Bandra Kurla Complex (BKC) in Mumbai, India, on October 28, 2026.
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Billionaire Mukesh Ambani has become the owner of two of India’s most valued companies. Jio platformthe nation’s largest telecommunications carrier and digital services company.
Jio Platforms’ shares continued to rise on Thursday, opening the day up 3.3% on its market debut.
of Meta– and googleThe company, which is backed by , went public on Wednesday at a premium of more than 25% to its IPO price, giving it a market capitalization of 13.5 trillion rupees ($137.1 billion).
Ambani’s flagship company Reliance Industriesis also India’s most valuable company, owning over 64% of Jio Platforms’ shares after its initial public offering.
Ahead of the listing, the Ambani family patriarch shed tears 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 the proceeds from the initial public offering are used to pay down legacy telecom debt and the company’s 5G investment cycle slows.
However, they warned that much of that value has been priced in after the post-listing rally, with the company’s valuation now on par with some of the global telecoms giants.
Anurag Singh, founder and managing partner of US-based Ancid Capital, told CNBC that Jio has written off nearly 300 billion rupees of debt with just 3% equity dilution. He added that Jio’s current market capitalization would put it in the league of American telecom giants such as: AT&T and verizon communications.
AT&T’s market cap is $139 billion, while Verizon’s is $179 billion, according to LSEG data.
Imagine what would happen if the Indian economy became equal to the American economy tomorrow. That is the valuation at which investors buy Jio.
Anurag Singh
Founder of Uncid Capital
Akash Ambani, Mukesh’s eldest son and managing director of Jio Platforms, said on Wednesday ahead of the listing that over the next 10 years, Jio will “democratize every technology that can change the lives of Indians.”
The 35-year-old scion cited artificial intelligence, the cloud, connected devices and “connectivity from a homogeneous space” as some of the key areas for future growth.
The company’s plans to launch satellite communications drew the ire of billionaire Elon Musk, who earlier this month blamed the Ambani faction for delays in launching Starlink in India.
With a customer base of more than 500 million, an operating margin of 52% and a net leverage of 0.36x, “Jio brings rare scale to Indian equities,” Vakarjaved Khan, senior analyst at Indian brokerage Angel One, told CNBC.
He added that the company’s 34x price-to-earnings ratio factored in much of its “quality” and that future profits would depend on average revenue per user and improvements in its AI services.
Meanwhile, after Jio’s listing, Reliance Group’s market capitalization of Rs 30 trillion surpassed Tata Group’s market value of Rs 25 trillion, making the Ambani family’s company the country’s top conglomerate, according to a Bloomberg report.
