New Delhi, India – This week, Mumbai, India’s financial capital, was the site of a splashy display by Asia’s richest man, Mukesh Ambani, with DJ sets, a drone show and a jam session with popular Indian singers.

The festivities marked India’s largest-ever initial public offering (IPO), as Ambani’s Jio Platforms raised $3.2bn in its stock market debut.

The telecoms-to-digital company’s shares surged by a whopping 21 percent on Wednesday, valuing the company at $131.5bn and making it the country’s second most valuable, only behind its parent, Ambani’s Reliance Industries.

The Ambani family’s Jio Platforms counts global tech giants Meta and Google among its major shareholders, following their multibillion-dollar investments in the company in 2020 – and serves more than 530 million customers.

“Jio may not be visible. But it pulses through every digital dream of India,” said Anant Ambani, the family’s youngest son, who is an additional director on the company’s board, at the celebratory event.…