After Ambani’s $3.2 billion Jio Platforms (JIOP.NS) IPO, India’s largest ever, attracted record bids, its shares surged 21% on Wednesday, valuing the telecoms-to-digital company at $131.5 billion.
The festivities in Mumbai began even before the stock market listing. Social media posts show large-scale private gatherings at Reliance Corporate Park near Mumbai this week, featuring dozens of food stalls serving Indian street food, dance performances and jam sessions blending devotional music with contemporary rhythms.
The celebrations reflect the grandeur Ambani brings to major occasions, including public listings. In India, other companies typically mark such milestones with more modest and private corporate gatherings after the mandatory ringing of a stock exchange bell.
“Given the Ambani family’s unique wedding celebrations, its IPO festivities are also expected to be out of the ordinary,” said Ambareesh Baliga, an independent market analyst in Mumbai.
The last major Ambani family wedding in 2024 featured lavish ceremonies for his youngest son. The celebrations became a talking point in India and abroad for their opulence, with Bollywood stars, politicians and Silicon Valley executives, including Mark Zuckerberg, attending months-long festivities.
Following the market debut on Wednesday, Reliance is holding a “grand event” featuring DJ performances, a drone show and a jam session with popular Indian singers, according to an internal invitation seen by Reuters. The event is scheduled to take place next to a helipad.
This week, several employees posted social media clips showing hundreds of people dancing to live music during the celebrations.
One video showed women in red outfits dancing on a brightly lit stage, while onlookers were showered with flower petals and confetti as they held up their phones to capture the moment.
The IPO celebrations underscore the scale of the milestone for Reliance, as the company marks its first public offering in two decades with festivities that extend well beyond the traditional stock exchange listing ceremony.
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