Reliance’s Jio soars on market debut after India’s record $3.1bn IPO

Jio Platforms, owned by billionaire Mukesh Ambani, experienced a remarkable 27% surge in its share price to 1,417.5 rupees following its debut on the Indian market, raising a record $3.1 billion in the country's largest initial public offering. This valuation places Jio at $137 billion, making it India's second-largest listed company after parent Reliance Industries and pushing the Ambani empire past the Tata Group as the most valuable conglomerate in the nation.

Despite initial doubts due to a market-wide decline in stocks and global market volatility, strong demand fueled expectations of a robust start. The listing marked a significant milestone for the Ambani family, with four generations in attendance for the ceremonial bell-ringing in Mumbai, including matriarch Kokilaben Ambani. Reliance Group's market capitalization now exceeds 30 trillion rupees, surpassing the Tata Group as the country's most valuable business empire.

However, some analysts caution that Jio's valuation may have been inflated given its current market revenue, which is only a fraction of established telecom giants like AT&T and Verizon Communications.