Akash Ambani leads Jio Platforms' $3.2 bn IPO, underscoring Reliance’s tech push

Jio Platforms raised $3.2 bn in an IPO that sold out in just two hours, reflecting intense interest from small investors and existing shareholders. Akash Ambani, now managing director of Jio Platforms and chairman of its telecom arm, led the pitch, outlining the firm’s 533 million-strong subscriber base and its ambition to evolve into a full-stack digital services provider. He highlighted upcoming AI-powered features such as multilingual call summaries and positioned Jio as the only Indian player capable of delivering them.

Meta, a major shareholder with close to a 10% stake, and other global investors like Google have previously invested heavily in the company. The Ambani duo splits investor outreach, with Mukesh handling sovereign wealth funds and Akash acting as the liaison for Silicon Valley investors. The IPO’s success echoes the legacy of Dhirubhai Ambani’s shareholder-focused branding that helped build Reliance into a $172 bn conglomerate.