Billionaire Mukesh Ambani has become the owner of India's two most valued companies following a stellar initial public offering of Jio Platforms on Wednesday, October 28-29, 2026 [1]. Jio Platforms, the country's largest telecom operator and digital services firm, listed at a premium of over 25% to its IPO price, achieving a market capitalization of 13.05 trillion rupees ($137.1 billion) [1]. Ambani's flagship company, Reliance Industries—already India's most valued company—owns more than 64% of Jio Platforms after the IPO [1]. The stock continued its upward trajectory on Thursday, opening 3.3% higher a day after its market debut [1].
The valuation places Jio in the league of major American telecom giants; AT&T has a market cap of $139 billion and Verizon of $179 billion, according to LSEG data [1]. Anurag Singh, founder and managing partner of U.S.-based Ansid Capital, noted that "Imagine if the Indian economy becomes equal to the American economy tomorrow; that's the valuation at which investors are buying Jio" [1]. With just 3% share dilution, Jio has wiped out nearly 300 billion rupees of debt through the IPO proceeds [1].
Analysts expect Jio's free cash flow to improve significantly as IPO funds are used to repay legacy telecom debt and the company's 5G investment cycle slows down [1]. However, analysts cautioned that most of the value has been priced in after the listing gains, with the company now being valued on par with global telecom giants [1]. Looking forward, Akash Ambani, the 35-year-old managing director of Jio Platforms and eldest son of Mukesh, stated that in the next 10 years, Jio will "democratize every technology that can transform Indian lives," citing artificial intelligence, Cloud, connected devices, and "connectivity from even space" as key growth areas [1]. The company's satellite communications plans have drawn criticism from Elon Musk, who blamed the Ambanis for delays [1].
CONCLUSION
Jio Platforms' successful IPO establishes Mukesh Ambani as the controlling shareholder of India's two most valued companies, with Jio's $137 billion valuation placing it among global telecom leaders. While analysts expect improved free cash flow and debt reduction, they warn that most upside may already be priced in at current valuations. The company's ambitious growth strategy in AI, cloud, and satellite communications positions it for long-term expansion, though execution risks remain.