Jio's next decade is about AI, cloud and space tech: Akash Ambani

Jio Platforms made a strong market debut as Akash Ambani outlined plans to expand into AI, cloud computing and space-based connectivity over the next decade

Jio Platforms made a strong stock market debut on Wednesday, with its shares listing at a premium of 21.36 per cent, as managing director Akash Ambani outlined plans to democratise artificial intelligence (AI), cloud computing, connected devices and space-based connectivity over the next decade.

 

"In our next ten, we want to democratise every technology that can transform Indian lives: AI, Cloud, Connected devices, Connectivity even from space, and Digital services not yet imagined," Akash said at the listing ceremony in Mumbai.

 

The stock listed at ₹1,358 on both the BSE and the NSE, against its issue price of ₹1,119.

 

At listing, Jio Platforms commanded a market capitalisation of ₹12.5 trillion, making it India's second-most valuable listed company after its parent, Reliance Industries (RIL), which had a market capitalisation of ₹16.15 trillion. Rival Bharti Airtel ranked third, with a market capitalisation of ₹12.18 trillion, according to BSE data.

 

Akash outlines Jio's technology ambitions

Akash said the company's ambition was to build a digital society where connectivity, computing and intelligence worked seamlessly together, allowing Indians across regions and languages to participate in the digital economy.

 

He said Jio's first decade had focused on democratising access to mobile data, bringing hundreds of millions of Indians into the digital ecosystem. The next phase would involve making emerging technologies accessible on a similar scale.

 

He also outlined ambitions to establish Jio as a global technology company.

 

"My dream is that one day, when the world counts its great technology companies, one of them will be called Jio Platforms Limited," he said.

 

Akash said India was increasingly emerging as a creator of technology rather than merely a market for global technology companies, adding that Jio's platforms had been developed domestically to meet the country's requirements.

IPO demand and subscriber milestones

Referring to the response to the initial public offering (IPO), Akash said the issue was fully subscribed within 95 minutes, making it the fastest subscription for India's largest IPO.

 

The offering attracted demand exceeding ₹7.5 trillion, with more than 130 million Indians participating, he said.

 

"The response surpassed our imagination, breaking records in every investor category," he said.

 

Recalling Jio's early years, Akash said the company had started with no customers or revenue but with the ambition of providing affordable, world-class technology to every Indian.

 

He recalled February 20, 2017, when Jio crossed 100 million subscribers. The company subsequently set its sights on 500 million customers, a milestone it has since surpassed. Its homegrown platforms now serve more than 540 million customers, he said.

 

"Nothing off the shelf was built for India's scale, so we built our own capabilities from the ground up," Akash said.

 

Addressing shareholders, he said the company's responsibility was to protect and grow their wealth over the coming decades by creating greater value for customers.

 

"Today's listing as Isha said is not a finish line, but a starting line. We will communicate openly, honour our commitments, and earn your trust through action," he said.

Isha Ambani recalls Reliance's first IPO

Isha Ambani, director at Jio Platforms, said the company had earned about $15.5 billion in revenue and about $8 billion in what she described as "real earnings" this year.

 

Drawing parallels with Reliance's first public offering in 1977, she recalled how Dhirubhai Ambani had raised ₹2.82 crore at a valuation of ₹10 crore, opening up ownership of the company to ordinary investors.

 

She said Jio would continue to follow Mukesh Ambani's principle of creating value for customers, which would ultimately translate into stronger earnings.

Anant Ambani thanks customers, employees

Anant Ambani, also a director at Jio Platforms, thanked the company's customers, employees and investors for their contribution to its growth.

 

"Today, Jio is shared with India," he said, describing the listing as a continuation of the Ambani family's commitment to expanding opportunities for Indians through technology.