Jio IPO Day 2: Can Akash Ambani repeat Dhirubhai Ambani's legacy of wealth creation?

Reliance Industries helped turn stock market investing into a mass phenomenon in India, creating generations of shareholders who benefited from its expansion across industries. Nearly five decades after Dhirubhai Ambani took Reliance public, his grandson Akash Ambani is bringing Jio Platforms to the market with a ₹30,213 crore initial public offering (IPO). The question for investors is whether Jio can replicate Reliance's wealth-creation story—or whether today's valuation and competitive landscape make that a more difficult proposition.

From ₹2.8 crore to India's biggest IPO

When Reliance Textile Industries launched its IPO in 1977, it raised approximately ₹2.8 crore and attracted around 58,000 shareholders. At a time when equity investing was far less accessible, Dhirubhai Ambani invited ordinary Indians to participate in the company's growth.

Reliance subsequently expanded into petrochemicals, refining, energy and other businesses, creating substantial long-term wealth for investors who remained invested. Its shareholder engagement and repeated capital-raising exercises helped establish a strong relationship between the company and India's growing investor community.

The scale of public markets has changed dramatically since then. Jio Platforms' ₹30,213 crore IPO is India's largest public offering, reflecting the expansion of the country's capital markets and digital economy.

Jio IPO sets a new subscription record

Jio Platforms' IPO was fully subscribed within 100 minutes of opening on Wednesday, October 21, making it the fastest-subscribed among India's mega-IPOs. The offering surpassed Hyundai Motor India's ₹27,870 crore IPO and drew a quicker response than the issues of Bajaj Housing Finance and LG Electronics India.

Qualified institutional buyers (QIBs) led the demand. As of 1.15 pm on the opening day, the IPO was subscribed 1.65 times, with the QIB portion subscribed 4.86 times. The shareholder reservation was subscribed 89%, the retail portion 47% and the employee quota 100%, according to BSE data.

Before the public issue, Jio's anchor book attracted bids exceeding ₹2.5 lakh crore against an allocation of approximately ₹8,110 crore. Global investors, including BlackRock, Fidelity Investments, Capital Group and JPMorgan, participated alongside Indian mutual funds and sovereign investors.

However, strong demand does not automatically translate into long-term wealth creation. The IPO's performance after listing will depend on earnings growth, valuation and the company's ability to sustain its competitive position.

Why Jio's investment story is different

Jio has transformed India's telecom industry since launching in 2016, accelerating mobile internet adoption through low-cost data and voice services. It had 533.3 million customers as of June 2026.

For FY26, Jio reported revenue of ₹1,46,885 crore, EBITDA of ₹76,255 crore and profit after tax of ₹30,049 crore, with an EBITDA margin of 51.91%.

The company is also targeting growth in managed digital solutions, cloud and connectivity services, cybersecurity and artificial intelligence-enabled applications. These businesses could create new revenue streams, while tariff increases and higher average revenue per user (ARPU) could strengthen its core telecom operations.

Brokerages are largely positive. Antique Stock Broking estimates that a 15% tariff hike alone could add approximately ₹190 per share, equivalent to 17% upside, before accounting for opportunities in homes, enterprise services or technology exports. Nirmal Bang Securities also highlighted Jio's market leadership, improving cash flow prospects and long-term growth potential.

Yet the investment case carries risks. Telecom remains Jio's principal revenue driver, while network and spectrum investments require substantial capital. Subscriber growth could become harder as the market matures, increasing the importance of tariff hikes and monetisation.

Can Jio replicate Reliance's wealth creation?

Jio's IPO price band is ₹1,065-₹1,119 per share, valuing the company at approximately ₹10.3 lakh crore at the upper end. The minimum retail application is 12 shares, costing ₹13,428 at the cap price. The issue closes on October 23, with allotment tentatively scheduled for October 26 and listing on October 28.

Jio is raising fresh capital, with up to ₹27,500 crore intended to repay or prepay borrowings at its telecom subsidiary, Reliance Jio Infocomm. The balance will be used for general corporate purposes.

Unlike Reliance's early years, when industrial expansion created opportunities across emerging sectors, Jio enters a more mature and competitive market. Its digital ambitions could support growth, but investors must assess whether these opportunities can translate into earnings that justify the valuation.