Updated version: On its first day of listing in Mumbai, Jio under Ambani saw its stock surge 21%, with its valuation soaring to $131.5 billions.

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Vibhuti Sharma/Aditya Kalra

Reuters Mumbai, October 28 - On Wednesday, shares of billionaire Mukesh Ambani's Reliance Jio Platforms (JIOP.NS) soared 21% on their debut in Mumbai, making it India's second-largest company by market capitalization, with a valuation of around $131.5 billion.

Jio's telecom business serves over 530 million users and is backed by Meta Platforms META.O and Google under Alphabet GOOGL.O. In terms of single-country user numbers, its user base is second only to China Mobile.

This IPO is the first by Reliance Group in two decades, further advancing Ambani's plan to transform Reliance from an oil and chemicals giant into an "all-in-one enterprise" encompassing consumer goods and technology.

At the listing ceremony, Mukesh Ambani, his eldest son and Jio Managing Director Akash Ambani (link), and his wife Nita Ambani were all present. Ambani's other children, Isha and Anant Ambani, also attended the event.

The stock opened at ₹1,358 per share, compared to an issue price of ₹1,119. Jio's market value surpassed Bharti Airtel BRTI.NS and HDFC Bank HDBK.NS, making it the second-largest enterprise in India based on this metric.

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"Thank you, India"

Several brokerage firms believe Jio's stock has upside potential but also point out challenges in the market, including competition, heavy capital expenditure, and changes to India's telecom regulations on spectrum, licensing, and fees.

"Despite geopolitical issues and turbulent market conditions, Jio achieved a robust debut... Revenue and profit will guide the stock's future course," said Kranthi Bathini, equity strategist at WealthMills Securities.

The Ambani family rang the IPO opening bell on the stage of the National Stock Exchange in Mumbai. While Anant delivered a speech reflecting on Reliance Group and Jio's heritage and journey, Mukesh Ambani was visibly emotional and teary-eyed.

On Wednesday, major Indian newspapers all published front-page Reliance Jio ads reading "Thank you, India".

According to data from London Stock Exchange Group (LSEG), India has become the world's busiest IPO market this year in terms of number of deals, with 246 companies having gone public so far; but in terms of funds raised, India ranked fourth with $13.5 billion, behind the US, mainland China, and Hong Kong.

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