The stock market in India has long been considered the world of the rich, big businessmen and financial experts. For a common man, investment means depositing money in a bank, buying gold or investing in real estate. But one Indian business group played a major role in changing this thinking – Reliance Industries.

In 1977, Dhirubhai Ambani brought about the IPO of Reliance Textile Industries, giving the common man an opportunity to become a shareholder of the company. At that time the company’s public issue was backed by around 58,000 investors and raised around Rs. 2.8 crores were raised. After almost five decades, the IPO of the Jio platform led by Akash Ambani is ushering in a new era. The issue size is Rs 30,213 crore.

But it is not just a tale of two IPOs. This is a story of transformation in which a company’s shares became part of the investment conversation of ordinary Indian households and the culture of equity investment in India evolved. Ultimately, what did Reliance do that attracted millions to the stock market? And can Jio’s IPO create similar history? Let’s understand in detail.

1977: When Reliance made common people shareholders of the company

When Dhirubhai Ambani floated his company in 1977, buying shares in India was not as easy as it is today. There were no mobile apps, no online trading, no facility to apply for an IPO in a few clicks.

The shares had paper certificates. Investors had to deal through brokers and the process took time. In such an environment, Reliance chose to raise capital from the general public.

Some of the features of this IPO were:

• Digit Size: About Rs. 2.8 crores.
• Number of Investors: About 58,000 shareholders in the first year.
• Feedback received on the issue: About seven times the subscription.
• Face Value of Shares: per share Rs. 10.

The significance of this move is not only that the company got money to grow its business. This also gave small investors an opportunity to realize that they could buy a stake in the business of a large company. Dhirubhai’s strategy created a relationship between the investors and the company, in which common people could become not only customers but also stakeholders in the development of the business.

How did Reliance’s AGM turn out to be a big event for shareholders?

1. Today, it is common to attend the Annual General Meeting (AGM) of companies or to look up its information online. But during Dhirubhai Ambani’s time, Reliance’s AGM had a different identity.
2. By 1985, the number of shareholders attending meetings had grown to such an extent that it became difficult to seat everyone in the common hall. After this, an AGM was held at the Cooperage Football Ground in Mumbai, where around 12,000 shareholders attended.
3. In these meetings of Reliance, investors get information about the company’s plans, expansion and future direction. Offers like bonus shares also played a role in increasing the company’s popularity among shareholders.
4. It also had a psychological impact. Investors feel that the company values ​​them and that they are a part of its growth.
5. This was Reliance’s specialty – it did not limit the stock market to mere money transactions, but created a strong bond between the company and its small investors.

How did Reliance shares become the property of ordinary families?

1. Reliance’s popularity was not limited to promotions or big AGMs. The company moved beyond textiles and expanded into petrochemicals, refining and other major industries.
2. As the business grew, so did the company’s market presence. Investors found an example that shows the potential for wealth creation by buying shares of a company in its early stages and investing in it for a long period of time.
3. However, one thing must be understood here. A great return from one company’s stock does not guarantee that every company’s stock will perform the same. A company’s earnings, debt, quality of business and cost of buying shares are important in investing.
4. However, the Reliance story contributed to changing the mindset of people about equity investing in India. Buying shares gradually became not only a job for traders but also an option to build long-term wealth.

The IPO of Reliance Petroleum in 2006 again demonstrated the power of investors

1. The involvement of investors that started during the Dhirubhai Ambani era was also seen in later years. The IPO of Reliance Petroleum in 2006 generated tremendous interest in the market.
2. The issue received over 21 lakh applications and the overall IPO was subscribed to around 51.22 times. The share of retail investors also received nearly 15 times the number of applications.
3. By then Reliance had become a household name. Investors were aware of the company’s business, brand and expansion plans. This increased public interest in new issues related to Reliance.
4. But in the meantime, a big change was also seen in the stock market. Technology and regulatory reforms have started to make investing easier than ever.

How did the participation of common people increase in the stock market?

The expansion of equity investment in India was not only due to Reliance. Over time, there have been major changes in market structure, technology and investment processes.

• 1996: Introduction of Demat System: The convenience of holding shares in electronic form instead of paper share certificates has made the investment process easier and more manageable.
• ASBA: Feature in IPO Application: Under this system, after applying for an IPO, the money remains blocked in a bank account. Only after allotment the respective amount is debited.
• UPI and Mobile App: Digital payments and online broking have made IPO applications and buying and selling of shares more accessible to small investors.

The impact of these changes was also seen on the number of investors. According to an ET report, the number of demat accounts registered with CDSL and NSDL has increased from 2.69 crore in 2016 to over 23 crore. However, a person can have multiple demat accounts, so the number of accounts cannot be counted as the number of individual investors. That is, there are three major forces behind increasing access to the stock market in India today – awareness of investing in companies, improving financial systems and digital technology.

Now Akash Ambani is facing the challenge of Jio IPO

In 2026, the story once again revolves around the Reliance family. At the center this time is the Jio platform, which is looking to expand beyond telecom into areas like digital services, cloud and enterprise technology. Jio transformed India’s telecom market after its launch in 2016 with cheap data and voice services. The company has more than 50 crore customers, which gives it the base to offer digital services on a large scale. Following are the key points regarding the Jio Platform IPO:

• IPO size ₹ 30,213 crore
• The maximum valuation indicated in the report is $108.3 billion.
• Issue Commencement Date 21 October 2026

According to reports, the IPO was fully subscribed within two hours of opening. But looking at the total subscription, it is not fair to assume that small investors also applied as quickly. Demand from institutional investors was stronger in the early stages.

Here, the real challenge facing Akash Ambani is not just to make the IPO a success, but to establish Jio as a company that can make money in the long run and provide good returns to investors.

What are the opportunities and risks for investors in Jio’s IPO?

Jio has a large customer base, a strong brand and the ability to expand digital services. But a company being popular and its shares attractive for investment are two different things.

As reported by ET, more than 90% of Jio’s earnings still come from the telecom business. Therefore, the company has to show that its digital expansion plans can translate into sustainable earnings in the future. For investors, this simply means that one should not make decisions solely based on the Reliance brand, the popularity of the IPO or the potential profit on the listing day. It is important to evaluate the issue price, company’s earnings, future growth rate and risk.

What is the difference between Dhirubhai’s legacy and Akash Ambani’s test?

Dhirubhai Ambani connected the common man to the stock market at a time when investment resources were limited and access to information was not easy. He offered investors an opportunity to be a stakeholder in the company’s growth.

Against Akash Ambani, the situation is different. Investing today is easy thanks to digital platforms, demat accounts and mobile apps. But investors are also more informed than ever and expect earnings, transparency and better returns from companies.

So the biggest difference between the two rounds is:

• The challenge in 1977: to motivate the general public to invest in the stock market.
• The challenge in 2026: convincing investors that a company’s valuation is commensurate with its future business and profitability.

Reliance played an important role in popularizing the equity investment culture in India. But in case of Jio, the final decision does not depend on the popularity of the IPO, but on the actual performance of the company after the listing.

Reliance took the stock market to every household, now it’s Jio’s turn

From Dhirubhai Ambani’s 1977 IPO to Akash Ambani’s Jio platform IPO, the story of Reliance is also the story of the evolution of India’s stock market. The journey that started with thousands of shareholders in the early stages has now reached the era of crores of demat accounts and digital investments.

Reliance helped common investors realize that they could participate in the company’s growth. At the same time, Jio now faces the challenge of proving that its large customer base and digital business can generate consistent profits and sustainable returns for investors in the coming years.

After all, the real success of an IPO is not only determined by how many people invest in it, but how well the company does in the future and how much value it creates for investors.