Indian billionaire Mukesh Ambani's Jio Platforms surges 21% in its Mumbai debut after India's biggest-ever $3.2bn IPO

Jio Platforms, the digital and telecoms arm of Mukesh Ambani's Reliance Industries, opened at 1,358 rupees against its 1,119-rupee offer price on the National Stock Exchange in Mumbai on Wednesday, surging to a $131.5bn valuation that makes it India's second-largest listed company. The listing marks Reliance's first new IPO in two decades and advances Ambani's drive to transform the oil-and-chemicals giant into a consumer and technology powerhouse. An emotional Ambani was seen in tears as his son Anant spoke of the company's journey before the family rang the IPO bell on stage.

Jio serves more than 530 million telecoms customers and counts Meta and Google among its backers.

The debut overtook Bharti Airtel and HDFC Bank by market capitalisation, cementing Jio's place behind only its parent Reliance.

Indian newspapers ran front-page 'Thank you, India' ads from Reliance Jio on the morning of the listing.