Breaking (October 28, 2026): Jio Platforms listed on Indian stock exchanges today at Rs 1,358 per share, a 21.35% premium over its IPO price of Rs 1,119. With a market capitalisation of over Rs 12.5 lakh crore ($131 billion), Jio became India’s second most valuable listed company in a single trading session, behind only parent Reliance Industries. The IPO raised $3.2 billion, making it India’s largest IPO ever, and was subscribed more than 22 times overall.
For the full IPO story including anchor investor bids and price band details, read our in-depth coverage: Jio Platforms IPO 2026: $25 Billion Anchor Bids, Price Band Rs 1,119, Listing Date 28 Oct.
According to The Economic Times, Jio Platforms’ listing at a 21.35% premium makes it the most successful large-cap IPO debut in India’s history, surpassing earlier records set by LIC and Coal India.
Mukesh Ambani, Chairman and Managing Director of Reliance Industries Limited, was visibly emotional at the listing ceremony in Mumbai, wiping tears from his eyes as his children addressed the gathering. His daughter Isha Ambani revealed that Jio earned approximately $15.5 billion in revenue and $8 billion in real earnings this year, within roughly a decade of its launch. His son Akash Ambani, Managing Director of Jio Platforms, told shareholders: “What Reliance has done for shareholders for nearly fifty years, Jio will continue to do so for the next fifty.”
This profile covers who Mukesh Ambani is, the Jio IPO listing details, Reliance’s Rs 10 lakh crore AI infrastructure push, JioAI, and Reliance’s retail and new energy businesses. Data is sourced from ANI, Bloomberg, Forbes, the Reliance Industries AGM 2025, and the Jio Platforms IPO prospectus.
Table of Contents
- Who Is Mukesh Ambani
- Jio Platforms IPO Lists Today: India’s Biggest IPO Ever
- The Rs 10 Lakh Crore AI Infrastructure Commitment
- India’s Sovereign AI Vision: JioAI and What It Means
- New Energy and Retail: Reliance’s Other Pillars in 2026
- Key Takeaways
- FAQ
Who Is Mukesh Ambani: India’s Richest Man and Reliance Chairman
Mukesh Ambani is the Chairman and Managing Director of Reliance Industries Limited, India’s largest company by market capitalisation. Born on April 19, 1957 in Aden, Yemen, he studied chemical engineering at the University of Mumbai and attended Stanford Graduate School of Business before joining Reliance Industries, founded by his father Dhirubhai Ambani. After Dhirubhai’s death in 2002, the two Ambani brothers formally split the Reliance conglomerate in 2005, with Mukesh retaining Reliance Industries.
Under Mukesh Ambani’s leadership, Reliance transformed from a petrochemicals and refining company into a diversified conglomerate spanning oil and gas, retail, telecom and digital services, and new energy. His most consequential decision was launching Jio in September 2016, offering India’s first truly affordable 4G mobile internet service. Within two years, Jio had enrolled over 200 million subscribers, collapsed the price of mobile data across India, and forced three major telecom mergers. As of October 2026, Mukesh Ambani’s net worth is approximately $117 billion, ranking him among the top ten wealthiest people globally and as one of the two or three richest individuals in Asia.
Jio Platforms Lists Today: India’s Biggest IPO and a Historic Market Debut
On October 28, 2026, Jio Platforms made its stock market debut on the BSE and NSE, opening at Rs 1,358 per share against an IPO price of Rs 1,119, a premium of 21.35%. By early morning trading it had risen a further 0.5%, giving Jio a market capitalisation of over Rs 12.5 lakh crore, approximately $131 billion. This made Jio instantly India’s second most valuable listed company, surpassing Bharti Airtel (Rs 12.06 lakh crore) and sitting just behind parent Reliance Industries (Rs 15.89 lakh crore).
The IPO raised $3.2 billion, the largest amount ever raised in an Indian public offering. Demand was extraordinary: the issue was subscribed 22 times overall, with institutional investors subscribing 71 times their allocation. Reliance Industries retained 66.4% of Jio Platforms after the offering and did not sell any of its shares in the IPO, meaning all $3.2 billion in fresh capital goes directly to fund Jio’s AI and digital infrastructure expansion.
At the listing ceremony in Mumbai, Mukesh Ambani became visibly emotional as his children spoke. Isha Ambani disclosed that Jio generated approximately $15.5 billion in revenue and $8 billion in real earnings in the past year, within about a decade of its 2016 launch. Anant Ambani described the listing as sharing Jio’s success with India, saying the group’s values flow from his grandfather’s vision, his grandmother’s blessings, his father’s guidance, and his mother’s emphasis on humility. Akash Ambani, Jio’s Managing Director, pledged to continue Reliance’s fifty-year record of shareholder value creation for the next fifty years.
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Reliance’s Rs 10 Lakh Crore AI Infrastructure Push: Scale, Scope, and Timeline
At Reliance Industries’ 2025 annual general meeting, Mukesh Ambani announced a Rs 10 lakh crore (approximately $120 billion) commitment to AI infrastructure over seven years. This covers GPU-powered data centres, proprietary AI model development, an enterprise AI cloud platform for Indian businesses, and deep integration of AI into Jio’s telecom, broadband, and digital services. The $3.2 billion raised in the Jio IPO is earmarked to accelerate this programme.
By the end of 2026, Reliance is targeting 120 megawatts of AI data centre capacity operational in India. The Data Security Council of India estimated India’s total existing data centre capacity at approximately 950 megawatts at the start of 2026. Reliance’s 120 MW addition in a single year is a significant national infrastructure contribution and gives Jio the compute needed to serve Indian enterprises with large language model APIs, AI cloud services, and large-scale data processing.
India’s Sovereign AI Vision: What JioAI Means for 460 Million Users
JioAI is Reliance’s AI assistant platform, built to serve Indian users in Indian languages including Hindi, Tamil, Telugu, Bengali, Marathi, and others from day one. At the 2025 AGM, Ambani described JioAI as India’s AI for every Indian, positioning it as a locally developed alternative to global AI assistants from Meta, Google, and OpenAI. JioAI is being integrated across Jio apps, Jio devices, JioFiber, and JioMart, covering both consumer and enterprise use cases.
Ambani’s sovereign AI vision aligns with the Indian government’s Digital India programme and the National AI Mission launched by the Ministry of Electronics and Information Technology. Reliance and the government have discussed Jio providing AI cloud services to public sector institutions. With Jio now independently listed, its AI build-out will benefit from direct equity market accountability alongside the Rs 10 lakh crore parent commitment.
New Energy and Retail: Reliance’s Two Other Pillars in 2026
Reliance Retail, India’s largest retailer by revenue, operates over 18,000 stores and generated Rs 3.2 lakh crore in revenue in FY25, according to Reliance’s annual report. The retail vertical spans grocery through JioMart, fashion through Reliance Trends and AJIO, consumer electronics through Reliance Digital, and luxury through partnerships with international brands. Reliance Retail is also a candidate for an eventual separate listing, though no timeline has been announced.
Reliance New Energy is constructing solar panel manufacturing, battery storage, green hydrogen production, and fuel cell facilities at the Dhirubhai Ambani Green Energy Giga Complex in Jamnagar, Gujarat. When fully operational, the complex is intended to be one of the world’s largest integrated renewable energy manufacturing facilities. The first phase of solar panel manufacturing was operational in 2025, with battery cell manufacturing scheduled for 2026.
Key Takeaways: Mukesh Ambani and Reliance in October 2026
Jio Platforms listed on Indian exchanges on October 28, 2026 at a 21.35% premium, raising $3.2 billion in India’s largest ever IPO and reaching a market cap of $131 billion. Mukesh Ambani committed Rs 10 lakh crore to AI infrastructure over seven years at Reliance’s 2025 AGM. Reliance targets 120 megawatts of AI data centre capacity by end of 2026. JioAI is being built as India’s sovereign AI assistant for Indian languages across 460 million Jio subscribers. Reliance Retail generated Rs 3.2 lakh crore in FY25. Reliance New Energy’s Jamnagar Giga Complex is building solar, battery, and green hydrogen manufacturing. Mukesh Ambani’s net worth is approximately $117 billion as of October 2026.
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FAQ: Mukesh Ambani and Jio Platforms IPO 2026
What happened with Jio Platforms IPO today, October 28, 2026?
Jio Platforms listed on the BSE and NSE on October 28, 2026, opening at Rs 1,358 against an IPO price of Rs 1,119, a 21.35% premium on debut. The IPO raised $3.2 billion, making it India’s largest IPO ever. The issue was subscribed 22 times, with institutional investors subscribing 71 times their allocation. Jio’s market capitalisation crossed Rs 12.5 lakh crore ($131 billion) on listing day, making it India’s second most valuable listed company after Reliance Industries.
How much is Mukesh Ambani worth in 2026?
Mukesh Ambani’s net worth is approximately $117 billion as of October 2026, according to Bloomberg Billionaires Index estimates. His wealth is primarily held through his controlling stake in Reliance Industries, India’s most valuable listed company. He ranks among the top ten richest people globally and is consistently among the two or three wealthiest individuals in Asia.
What is Reliance’s AI investment plan?
Reliance Industries committed Rs 10 lakh crore (approximately $120 billion) to AI infrastructure over seven years, announced at the 2025 annual general meeting. This covers GPU data centres targeting 120 megawatts by end of 2026, JioAI assistant development, and enterprise AI cloud services. The $3.2 billion raised in the Jio IPO is earmarked to accelerate this AI infrastructure build-out.
How many subscribers does Jio have in 2026?
Jio serves over 460 million mobile subscribers as of 2026, making it India’s largest telecom operator by subscriber base. Its 5G network covered all major Indian cities by 2025. JioFiber, its broadband service, has expanded to millions of homes and SMEs. The Jio network carries the majority of India’s mobile internet traffic by volume.
What did Isha Ambani say at the Jio IPO listing ceremony?
At the Jio Platforms listing ceremony on October 28, 2026, Isha Ambani disclosed that Jio earned approximately $15.5 billion in revenue and $8 billion in real earnings this year, within roughly a decade of its 2016 launch. She recalled that her grandfather Dhirubhai Ambani brought Reliance to the public in 1977 when her father was just 20 years old, drawing a direct line from Reliance’s first IPO to Jio’s historic listing nearly five decades later.
What is JioAI?
JioAI is Reliance’s AI assistant platform designed to serve Indian users in Indian languages including Hindi, Tamil, Telugu, Bengali, and Marathi. Mukesh Ambani described it at the 2025 AGM as India’s AI for every Indian. JioAI is integrated across Jio apps, Jio devices, JioMart, and enterprise Jio cloud services. It is funded through Reliance’s Rs 10 lakh crore AI infrastructure commitment and positioned as India’s sovereign AI alternative to global platforms from Meta, Google, and OpenAI.
Sources: ANI — Jio Platforms IPO Listing Ceremony, October 28 2026; Billionaires Africa — Jio Jumps 21% in Debut; Forbes — Jio Platforms India’s Biggest IPO; Bloomberg India — Jio IPO Oversubscription Data; Reliance Industries AGM 2025 (Mukesh Ambani address); TRAI India Telecom Subscriber Report 2026.
