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Mukesh Ambani’s Jio soars 27% after record $3.2bn IPO

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

Reuters
Reuters

28 October, 2026

Mukesh Ambani’s Jio soars 27% after record $3.2bn IPO
Mukesh Ambani/Image: Getty Images

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Billionaire Mukesh Ambani’s telecom-to-digital firm Reliance Jio Platforms soared 27 per cent in its Mumbai debut on Wednesday, making it India’s second-largest company by market capitalisation after a record-breaking $3.2bn IPO.

Jio’s valuation of around $137bn also helped to lift the broader Reliance conglomerate’s combined market capitalisation to $320bn to make it India’s top firm by that metric, surpassing the salt-to-aviation Tata Group, which oversees several listed entities in the country.

The Jio listing, the first for the Reliance conglomerate in two decades, advances Ambani’s plan to turn Reliance from an oil-and-chemicals conglomerate into an “everything company” spanning consumer products and technology.

The listing ceremony on Wednesday in Mumbai was attended by members of the Ambani family, including Mukesh’s eldest son, Akash, who is Jio’s managing director. Before walking to the stage to speak, he touched his parents’ feet, a traditional gesture of respect.

While all three children of the senior Ambani gave speeches, Mukesh sat in the audience, visibly emotional and in tears.

Mukesh Ambani, Asia’s richest person according to Forbes magazine, has spent years shaping a succession plan that was intended to avoid a repeat of the public feud with his younger brother, Anil, that followed their father Dhirubhai’s death in 2002.

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’s on the basis of single-country subscribers.

To celebrate the listing, Reliance is hosting a party for employees at its large office near Mumbai, with jam sessions and other performances planned, an internal memo showed.

Jio’s stock ended the trading day at 1,417.5 rupees, near the day’s high, compared with its 1,119-rupee offer price. It rose as much as 27.3 per cent during trade, and its market capitalisation overtook those of telecom firm Bharti Airtel and HDFC Bank, making it the second-largest Indian firm by that metric, lagging only behind its parent.

“The IPO price offered a valuation entry point; the listing price reflects a much greater degree of optimism,” said Aishvarya Dadheech, founder of Fident Asset Management.

Several brokerages see a potential upside for the Jio stock, but they flagged competition, heavy capital spending and changes in India’s telecom rules, including those related to spectrum, licensing and fees.

“Jio has had a strong debut even despite geopolitical issues and turbulent market conditions … the revenues and earnings will lead the stock here onwards,” said Kranthi Bathini, equity strategist at WealthMills Securities.

Jio plans to use up to $2.89bn of the net IPO proceeds to repay the borrowings of its telecoms unit.

The Ambani family rang the IPO bell on stage at the National Stock Exchange in Mumbai. Mukesh Ambani watched as Anant traced Reliance’s and Jio’s legacies and journey in a speech at the ceremony.

Major Indian newspapers on Wednesday carried front-page ads from Reliance Jio, saying, “Thank you, India.”

India has become the world’s busiest IPO market this year in terms of the number of deals, with 246 listings so far.

Despite its size, Jio Platforms’ IPO was not a record payday for its bankers. Its 19 bankers will split about $20.7m, or 0.65 per cent of the offer, roughly half the 1.3 per cent that sources said Hyundai Motor India paid to its bankers in 2024.

The Jio listing is the Ambanis’ latest turn at the stock market. Dhirubhai Ambani, Mukesh’s father and Reliance’s founder, took the company public in 1977 with an offering aimed at small retail investors, which was widely credited with helping build India’s equity culture.

Jio comes from a stable that Indian investors have long backed: parent Reliance Industries has returned about 900 per cent since 2006, ahead of the Nifty’s 685 per cent, LSEG data shows, and is often seen as a buy-and-hold staple in retail portfolios.

After the ceremony, people waved flags bearing the Jio logo next to the National Stock Exchange’s bull statue, where the Ambani family posed for pictures.

The listing comes during India’s Hindu festive season, which builds towards Diwali, a period that is considered auspicious for purchases of gold and other big-ticket items.

Samsung mocks Apple’s iPhone Duo amid cracked screen controversy

Samsung-sponsored video takes aim at Apple’s first foldable smartphone, highlighting the Galaxy Z Fold 8’s slimmer design as Apple addresses early display complaints

Rajiv Pillai
Rajiv Pillai

28 October, 2026

Samsung mocks Apple’s iPhone Duo amid cracked screen controversy
Image: Screengrab from @weareforeal Instagram account

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Samsung has taken aim at Apple’s newly launched iPhone Duo in a promotional video that mocks the device’s foldable design, as the US technology giant faces reports of cracked screens and hinge-related problems.

The Samsung-sponsored video, published on Instagram through a paid partnership, uses an animated green apple to parody Apple’s entry into the foldable smartphone market.

The advertisement shows an apple being sliced into sections, with the pieces attempting to fold together before Samsung’s Galaxy Z Fold 8 appears.

The video highlights two hardware comparisons, claiming the Galaxy Z Fold 8 is 1.6mm thinner and 53 grams lighter than Apple’s iPhone Duo.

It concludes with the slogan “Years ahead in Foldables”, referencing Samsung’s longer presence in the foldable smartphone market.

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Samsung targets Apple’s foldable debut

The promotional campaign comes as competition intensifies between the two smartphone manufacturers following the October 23 launch of the iPhone Duo.

Apple’s first foldable smartphone entered a market where Samsung has established a significant head start, having introduced its original Galaxy Fold in 2019.

Samsung is now promoting its eighth-generation Galaxy Z Fold device, emphasising improvements in hardware design, portability and foldable technology.

According to the comparison featured in the advertisement, the Galaxy Z Fold 8 weighs 201 grams, compared with 254 grams for the iPhone Duo. Samsung’s device also measures 9.7mm when folded, against 11.3mm for Apple’s smartphone.

The campaign forms part of Samsung’s wider competitive marketing strategy, which has previously included social media posts targeting Apple’s entry into the foldable category.

Apple responds to iPhone Duo cracked screen reports

There were reports that some early iPhone Duo buyers experienced cracks and display failures shortly after purchasing their devices.

Images and videos circulating on social media have shown damage to the inner folding display, with several complaints pointing to problems near the central hinge.

Apple has acknowledged an issue affecting a small number of iPhone Duo units and confirmed that affected customers can seek replacements through AppleCare.

Flying to India? Flights available from Saudi Arabia amid travel disruptions

Flynas announces additional services from Dammam to six Indian cities and select-date flights from Riyadh as Indian authorities step up assistance for affected passengers and Umrah pilgrims

Nida Sohail
Nida Sohail

28 October, 2026

Flying to India? Flights available from Saudi Arabia amid travel disruptions

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Saudi Arabia’s air connectivity with India is gradually expanding amid flight disruptions following an attack on King Fahd International Airport in Dammam, with Saudi carriers continuing services from key cities and Flynas announcing additional flight options to several Indian destinations.

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According to an update issued by the Indian Embassy in Riyadh and the Consulate General of India in Jeddah on October 27, 2026, Saudi carriers continue to operate flights to India from Dammam, Jeddah and Madinah. Limited flight operations have also resumed from Riyadh’s King Khalid International Airport, including services to India operated by Flynas.

The expanded options are expected to provide additional travel alternatives for Indian nationals affected by disruptions, particularly Umrah pilgrims seeking to return home.

Flynas adds connections to six Indian cities

Flynas has announced additional flights from Dammam to Lucknow, Mumbai, Delhi, Hyderabad, Kozhikode and Kochi, according to the Indian Consulate’s advisory.

From Riyadh, the airline has also announced flights to Delhi, Hyderabad and Kozhikode on select dates.

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Meanwhile, Saudi carriers continue to operate services from Jeddah and Madinah to India. Other international airlines are offering one-stop connections through their respective hubs, providing passengers with alternative routes where direct services may be unavailable.

The Indian Embassy and Consulate said they remain in contact with airlines to facilitate additional air connectivity between Saudi Arabia and India. Tour operators have also been encouraged to explore the expanded flight options for Indian nationals affected by travel disruptions.

Indian authorities step up assistance

The Indian diplomatic missions in Saudi Arabia are coordinating with airlines and community organisations to support affected Indian nationals.

According to the Embassy’s October 27 advisory, the mortal remains of an Indian national who died in the attack on King Fahd International Airport in Dammam arrived in India on the morning of October 27. The Embassy said it had extended the necessary assistance in the matter.

The Embassy and Consulate, with support from community volunteers, are also providing welfare assistance to Indian nationals. Round-the-clock control rooms have been established to assist those requiring guidance, with particular attention to Umrah pilgrims.

Passengers urged to verify flight details

Indian nationals have been advised to maintain regular contact with their respective airlines and verify flight schedules, bookings and travel arrangements directly with carriers before proceeding to airports.

The advisory comes as flight operations remain subject to changes, making advance confirmation essential for passengers planning their journeys.

The Indian Embassy has also urged members of the Indian community to exercise caution and comply with Saudi laws, particularly restrictions concerning the recording or sharing of photographs and videos of interceptions and impact sites.

The latest measures highlight the efforts of Indian diplomatic missions and airlines to maintain travel links between Saudi Arabia and India while assisting passengers affected by the ongoing disruptions.

Dubai’s Shangri-La hotel to be transformed into $1.3bn AHS Twin Towers luxury office development

Abbas Sajwani tells Gulf Business why AHS Properties is transforming the landmark Sheikh Zayed Road hotel into premium offices, with completion targeted for 2028

Gareth van Zyl
Gareth van Zyl

28 October, 2026

Dubai’s Shangri-La hotel to be transformed into $1.3bn AHS Twin Towers luxury office development
Image: Supplied

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One of Dubai’s most recognisable luxury hotels is set to be transformed into a $1.3bn premium office development, with more than 30 per cent of the project already booked, AHS Properties founder and CEO Abbas Sajwani has revealed.

The Shangri-La Dubai, a landmark on Sheikh Zayed Road for more than two decades, will undergo a major transformation into AHS Twin Towers, a Grade-A commercial development expected to be completed in 2028.

The move follows AHS Properties’ Dhs1.1bn acquisition of the hotel and reflects growing demand for premium commercial space in Dubai, as international businesses continue to establish and expand their presence in the emirate.

“There’s a huge demand in Dubai right now,” Sajwani told Gulf Business, referring to the commercial property market.

“The location is great, people love it for commercial, the views are great, the building layouts were excellent. It hit all the right boxes for a project that can be converted into a commercial building.”

Sajwani said the opportunity to complete the transformation in less than two years was another major attraction, allowing AHS to bring significant new commercial space to market relatively quickly.

Why offices instead of a hotel?

The decision to convert an established five-star hotel into premium offices represents a significant change for one of Dubai’s best-known addresses.

But Sajwani believes the economics of commercial real estate, particularly at the upper end of the market, make a compelling case for the transformation.

“The yield in the offices is excellent,” he said, pointing to a shortage of quality commercial space as more businesses relocate to Dubai.

“If you look at occupancy rates, they’re at over 95 per cent,” he added.

According to Sajwani, demand is already translating into strong early interest in the development.

“More than 30 per cent of the building is already booked,” he revealed.

The project will offer full-floor office spaces measuring approximately 16,000 square feet, alongside smaller half-floor configurations, catering to companies seeking corporate headquarters and investors looking for premium commercial assets.

HS Properties founder and CEO Abbas Sajwani

A new identity for a familiar landmark

While the Shangri-La has long been synonymous with luxury hospitality, Sajwani believes the transformation will give the property a new identity while retaining its importance as a business destination.

“It will be a new landmark where many people can come and do business and have global companies, have their headquarters, and have their offices,” he said.

“It will still stay as a business hub.”

The redevelopment will introduce a refreshed exterior and substantially reworked interiors, although Sajwani said the project would retain the building’s underlying design philosophy.

International architecture firm Gensler is responsible for the design, with interiors by AHS Atelier, the developer’s in-house design studio.

According to the company, AHS Twin Towers will comprise a ground floor and 49 upper floors, incorporating more than 30,000 square feet of wellness and fitness facilities and over 12,000 square feet of dining experiences.

Other amenities will include executive business lounges, a private wellness sanctuary with a lap pool, a landscaped rooftop sky garden and more than 1,000 parking spaces.

For Sajwani, however, the project’s biggest selling point remains its location.

“You’re in the middle of the city,” he said, highlighting the property’s proximity to DIFC, Downtown Dubai, Dubai International Airport and some of the city’s major leisure destinations.

The development will also offer panoramic views of the Burj Khalifa and the Arabian Gulf.

“Location is second to none,” he added.

AHS expands its commercial ambitions

The Shangri-La transformation marks another major step in AHS Properties’ expansion into commercial real estate, having initially established its reputation in Dubai’s ultra-luxury residential market.

The developer’s first Grade-A commercial project, AHS Tower, sold out for more than $700m during development, according to the company.

Sajwani said AHS would continue to concentrate its investment activities in Dubai, with a particular focus on Sheikh Zayed Road and premium commercial developments, alongside its existing residential portfolio.

UAE president honours flydubai crew for protecting passengers during Sept incident

Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum presented the honours and commended the flydubai crew’s actions and sense of responsibility

Neesha Salian
Neesha Salian

28 October, 2026

UAE president honours flydubai crew for protecting passengers during Sept incident
Images: Dubai Media office

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Article Summary
UAE President Sheikh Mohamed bin Zayed Al Nahyan has conferred the First Class Order of Zayed II on flydubai crew members following a September in-flight incident.

UAE President Sheikh Mohamed bin Zayed Al Nahyan has conferred the First Class Order of Zayed II on flydubai crew members involved in September’s in-flight incident, recognising their courage and efforts to ensure passenger safety.

Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, Deputy Prime Minister and Minister of Defence, presented the honours and commended the crew’s actions and sense of responsibility.

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Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, Deputy Prime Minister and Minister of Defence, presents the award to Capt Smit Machchhar. Image: Dubai Media Office

The president also received the crew members involved in the September 30 incident in the presence of Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai.

The two leaders praised the crew’s courage and professionalism in ensuring passenger safety and securing the aircraft. They affirmed that protecting people’s safety and security remained a top priority for the UAE.

The crew members thanked the president and expressed pride in receiving the honour.

Sheikh Ahmed bin Saeed Al Maktoum, president of the Dubai Civil Aviation Authority, chairman of Dubai Airports, and chairman and chief executive of Emirates Airline and Group, attended the award ceremony alongside other officials.

Senior officials attending the presidential reception included Sheikh Hamdan bin Mohammed; Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, First Deputy Ruler of Dubai, Deputy Prime Minister and Minister of Finance; and Sheikh Saif bin Zayed Al Nahyan, Deputy Prime Minister and Minister of Interior.

Mumbai Airport network glitch causes delays, 327 flights hit

The disruption added to existing delays caused by air traffic control congestion, airlines said. IndiGo and Air India services were among those affected as staff worked to keep passenger processing moving

Nida Sohail
Nida Sohail

28 October, 2026

Mumbai Airport network glitch causes delays, 327 flights hit

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A network disruption at Mumbai’s Chhatrapati Shivaji Maharaj International Airport (CSMIA) on Tuesday evening forced airport staff to switch to manual passenger processing, slowing check-ins and boarding procedures as flight delays mounted.

The outage began around 7pm on October 27 and lasted more than an hour, according to reports by The Times of India, Hindustan Times and PTI. Check-in counters, boarding e-gates and DigiYatra facilities were affected, prompting airport personnel to process passengers manually.

Flight delays and cancellations mount

The disruption added to existing delays caused by air traffic control congestion, airlines said. IndiGo and Air India services were among those affected as staff worked to keep passenger processing moving.

According to Flightradar24 data analysed by Hindustan Times, 18 of the 44 passenger flights scheduled to depart between 7pm and 9pm left at least an hour late, while three were cancelled. Two additional flights remained on the ground at 10.37pm, nearly two hours after their scheduled departure.

A separate PTI report said the outage affected flight operations, citing sources who reported that 327 flights were delayed. The figure highlights the broader disruption beyond the departure window analysed by Hindustan Times.

Manual processing slows passenger movement

The network failure rendered automated e-gates at the terminal entrance inoperable, requiring Central Industrial Security Force (CISF) personnel to clear passengers individually, according to people familiar with the situation. Passengers faced slower processing, while security personnel attempted to manage frustration over the queues.

Airport officials said procedures were switched to manual mode in line with established protocols. Although check-in counters remained operational, processing took longer than usual. Recovery was also uneven, with an airport official telling Hindustan Times at 9.36pm that the system continued to fluctuate as operations moved towards normal.

Airport operator says essential operations continued

Mumbai International Airport Ltd (MIAL), the operator controlled by Adani Enterprises, acknowledged the temporary network disruption but said manual measures were introduced to limit passenger inconvenience and maintain essential services.

“The disruption has not affected airport or flight operations so far,” MIAL said in a statement, according to The Times of India.

The operator reiterated that teams had implemented manual processing procedures to maintain continuity. However, airport officials quoted anonymously by Hindustan Times confirmed that the system had been down for about an hour, while reports of delayed departures and cancellations indicated that passengers experienced operational consequences.

The incident underscores the reliance of major airports on digital systems for check-in, passenger verification and boarding. While manual procedures can help maintain essential services during technical failures, they can also slow passenger movement and compound delays when disruptions occur during busy evening departure periods.

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Mukesh Ambani's Jio soars 27% after record $3.2bn IPO