Akash Ambani vows to take Jio to greater heights after blockbuster IPO

Akash Ambani pledged to expand Jio Platforms and democratise technologies including AI, cloud and space connectivity after its IPO. He called the listing a starting point, while the shares debuted at a premium of over 21 per cent on Wednesday

Mumbai: Following Jio Platforms’ blockbuster initial public offering (IPO), its managing director, Akash Ambani, on Wednesday pledged to take the company to greater heights and democratise emerging technologies, including space-based connectivity.

Speaking ahead of the listing of the company’s shares following its Rs 30,213-crore IPO, Ambani said the listing was not a finish line but a starting point. He also pledged to build investor wealth, drawing a parallel with the growth of parent Reliance Industries over nearly five decades.

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“We promise to take Jio to greater heights of growth, excellence and reputation in India and the world,” the 35-year-old said at the listing ceremony at the National Stock Exchange (NSE). The event was attended by his parents, Mukesh and Nita Ambani; his siblings, Isha and Anant; and his grandmother, Kokilaben.

The responsibility of the next generation of Ambanis was not merely to preserve what they had inherited, but to make Jio bigger, better and more meaningful for India, Akash said. Both his siblings also spoke at the ceremony.

Anant Ambani said Jio was an idea seeded by Isha and subsequently adopted and nurtured by her twin brother, Akash. Their father, Reliance Industries chairman and managing director Mukesh Ambani, watched the proceedings alongside Nita Ambani and appeared emotional as the next generation took centre stage.

Isha said Akash had worked for 13 years to build and grow Jio into India’s largest telecom operator, with more than 53 crore subscribers. Recalling their grandfather Dhirubhai Ambani’s maxim, “Growth is life”, she also pledged to continue building the business and creating value for shareholders.

Outlining Jio’s vision for the next decade, Akash said the company had democratised data during its first 10 years.

“In our next ten (years), 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,” he said.

The true value of technology lay in the opportunities it created, the barriers it removed and the lives it improved, he said.

Akash said Jio’s ambition was to build a digital society with Jio Platforms at its core, where connectivity, computing and intelligence work together seamlessly.

For years, the world had viewed India as a consumer of technology, he said, adding that the country was now emerging as a creator of technology.

“One day, Jio Platforms will become one of the greatest technology companies in the world,” Akash said, adding, “we are now ready to take the tricolour global”.

He said the response to the IPO reflected investors’ confidence in India’s potential and exceeded his own expectations.

The offering attracted demand worth Rs 7.5 lakh crore through 1.3 crore applications, he said, adding that the issue was fully subscribed within 95 minutes of its launch.

Describing the response as humbling, Akash said it had left him with a profound sense of responsibility. “Our success is measured by the ambitions we encourage and the potential we unlock towards a better India,” he said.

Members of the Ambani family, including the younger generation, rang the bell as the clock struck 10 am.

At 11.01 am, Jio Platforms shares were trading 21.42 per cent higher at Rs 1,358.70 apiece on the BSE, while the benchmark index was down 0.89 per cent.