Jio Platforms’ entry into the stock market marks a significant moment in the evolution of Indian capitalism. Built by Mukesh Ambani, the company has become central to the country’s digital transformation, extending its reach through telecommunications and a growing ecosystem of services. Its public offering, however, raises a question more consequential than the size of the share sale: can corporate scale and technological ambition translate into lasting economic value? The attraction is clear.

Jio possesses an enormous customer base, extensive network infrastructure and the advantages that come with operating at scale. Its ability to combine connectivity with digital services offers considerable scope for growth. Jio’s significance lies not merely in its commercial prospects but also in how it has reshaped India’s digital landscape. The challenge now is to convert this reach into higher-value services, stronger productivity and sustainable earnings. A vast customer base creates opportunity, but the quality of monetisation will determine the company’s long-term performance.

The use of IPO proceeds offers an important starting point. Jio Platforms intends to repay loans incurred in building and expanding Reliance Jio Infocomm. Lower debt can reduce financing costs and........

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