Shares of billionaire Mukesh Ambani's Reliance Jio Platforms soared 21 per cent in their Mumbai debut on Wednesday, making it India's second-largest company by market capitalisation, valued at about $131.5bn.

Jio, whose telecoms business serves more than 530 million customers, is backed by Meta Platforms and ⁠Alphabet's Google.

Its user numbers are second ​only ⁠to China Mobile on the basis of single-country subscribers.

The listing, the first for the Reliance conglomerate in two decades, furthers Ambani's plan to turn Reliance from an oil-and-chemicals conglomerate into an "everything company" spanning consumer products and technology.

The ⁠listing ceremony was attended by ‌Mukesh Ambani, Akash Ambani, his eldest son and Jio's managing director, and his wife Nita Ambani.…