India’s second-richest man, Mukesh Ambani, is launching what could be the country’s biggest-ever initial public offering (IPO), despite a stock market downturn.

Mumbai-based Jio Platforms, a telecoms company backed by Meta Platforms and Google, is hoping to raise up to 302bn rupees (£2.4bn) and is targeting a 10.3tn rupees valuation when it floats on the stock market from Wednesday.

Set up a decade ago as a subsidiary of Ambani’s conglomerate Reliance Industries, and led by Akash Ambani, the oldest son of patriarch Mukesh, Jio offers low-cost broadband to millions of Indians.

Jio secured 212 anchor investors on Monday before its blockbuster IPO.…