Low-cost broadband provider Jio Platforms aims for £81bn valuation when it floats on the stock market on Wednesday

India’s second-richest man, Mukesh Ambani, is launching what could be the country’s biggest-ever initial public offering (IPO), despite a stock market downturn.

Mumbai-based Jio Platforms, a telecoms company backed by Meta Platforms and Google, is hoping to raise up to 302bn rupees (£2.4bn) and is targeting a 10.3tn rupeesvaluation when it floats on the stock market from Wednesday.