Ambani’s Jio Emerges as India’s Second-Most Valuable Company After IPO

Mukesh Ambani’s Reliance Jio Platforms rose as much as 21% on its Mumbai trading debut after its initial public offering, making it India’s second-most valuable company by market capitalization at about $131.5 billion. The listing, the first for the Reliance conglomerate in two decades, advances Ambani’s plan to transform Reliance into a broader technology and consumer “everything company.” Jio serves more than 530 million telecom customers and is backed by Meta Platforms and Alphabet’s Google.