Jio Platforms Shares Jump 21% on First Trading Day After Record IPO

Jio Platforms' stock rose 21% on debut, after raising $3.2 billion in India's biggest and most subscribed IPO.

NationPulse Desk

Oct 28, 2026 · 10:20 AM 2 min read

Key takeaways

Jio Platforms shares opened at ₹1,358, up 21% from the IPO price of ₹1,119.

The IPO raised $3.2 billion and attracted more than $77 billion in bids.

Jio was valued at about ₹12.5 trillion ($131.9 billion), second only to Reliance Industries.

The offering received bids 22.19 times the shares on sale, with over 13.8 million applicants.

Up to ₹275 billion of proceeds will repay debt, with the rest for general corporate use.

Jio Platforms, the telecom and digital services arm of billionaire Mukesh Ambani backed by Meta and Google, opened at ₹1,358 (about $14) per share on Wednesday, a 21% rise from its IPO price of ₹1,119 (around $12). The debut followed a $3.2 billion raise in India's largest and most subscribed offering, which drew more than $77 billion in investor bids.

The opening price valued Jio at roughly ₹12.5 trillion (about $131.9 billion), making it the country's second-most valuable listed firm after its parent Reliance Industries, valued at about ₹16 trillion (around $168.6 billion). When Meta and Google first invested in 2020, Jio was valued at up to ₹4.91 trillion (about $65 billion).

The IPO, held from October 21 to 22, attracted bids amounting to 22.19 times the shares on offer, according to exchange data, with over 13.8 million applicants. This set a record for the most subscribed stock offering in India, showing strong demand for the nation's largest telecom operator.

Since entering a crowded market in 2016 with free data and low-cost plans, Jio quickly took customers from rivals such as Bharti Airtel, Vodafone Idea and state-run BSNL, becoming the leading telecom provider. Managing director Akash Ambani said at the listing ceremony that Jio's platforms now serve more than 540 million customers. While pricing now aligns with competitors, the business has broadened into broadband, cloud and AI.

Akash, the eldest son of Mukesh Ambani, noted his father is gradually passing leadership to the next generation. He expressed a goal for Jio to become a global technology firm, stating, "My dream is that one day, when the world counts its great technology companies, one of them will be from India, and that company will be called Jio Platforms Limited."

For the fiscal year ended March 2026, Jio reported profit of ₹300.5 billion (about $3.2 billion) on revenue of ₹1.47 trillion (around $15.5 billion), both up about 15% from the prior year. In the June quarter, revenue rose nearly 12% and profit increased 9%.

From the IPO proceeds, up to ₹275 billion (about $2.9 billion) will be used to repay debt at its telecom subsidiary Reliance Jio Infocomm, with the balance allocated to general corporate purposes. Jio's total borrowings stood at ₹613.7 billion (around $6.5 billion) as of June 30.

During the COVID-19 pandemic in 2020, American investors contributed billions, with Meta (then Facebook) investing $5.7 billion and Google $4.5 billion. Other backers included General Atlantic, Silver Lake and Vista Equity Partners. None of these investors sold shares in the IPO, which consisted solely of newly issued stock.