New York: Asia’s richest man, Mukesh Ambani, known for throwing lavish weddings for his children, is splashing out again as he celebrates his Reliance conglomerate’s first initial public offering in two decades with a gala featuring drones and performances near a helipad.
Jio Platforms’ $3.2 billion IPO, India’s largest ever, attracted record bids, and its shares surged 21% on Wednesday, valuing the telecoms-to-digital company at $131.5 billion.
In Mumbai, the celebrations began even before the stock market listing.
Social media posts showed 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 events showcased the grandeur that Ambani brings to major occasions such as a public listing, which other Indian companies often mark with more modest, 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 Ambani family wedding, in 2024, featured lavish ceremonies for his youngest son and became a talking point at home and abroad for its opulence. Bollywood stars, politicians and Silicon Valley executives, including Mark Zuckerberg, attended the months-long celebrations.
After Wednesday’s market debut, Reliance is holding a “grand event” featuring DJ performances, a drone show and a jam session with popular Indian singers, all next to a helipad, according to an internal invitation seen by Reuters.
This week, many employees posted social media clips showing hundreds of people dancing to live music. One clip showed women in red outfits dancing on a brightly lit stage as onlookers were showered with flower petals and confetti while holding up their phones to capture the moment.
“Diwali before Diwali ... the whole campus is buzzing with festive spirit,” employee Shweta Mahendra wrote on X, referring to the upcoming Hindu festival of lights.
