Business · 2026-10-28 · Morning briefing

Jio Platforms surges 21% in India's largest IPO

Jio Platforms, the Indian telecom and digital services unit backed by Meta and Google, saw its shares surge 21% in its market debut on Wednesday. The company raised $3.2 billion in India’s largest-ever initial public offering, with shares opening at ₹1,358 ($14) against an issue price of ₹1,119 ($12). The jump gave the firm an immediate valuation of around $131.9 billion, making it the country's second-most valuable listed company.

The offering was heavily oversubscribed, attracting more than $77 billion in bids—over 22 times the shares available—from 13.8 million applicants. Jio, which now serves 540 million customers, plans to use the bulk of the proceeds, approximately $2.9 billion, to repay debt at its main telecom subsidiary, Reliance Jio Infocomm.

The listing cements a remarkable rise for the company, part of Mukesh Ambani’s Reliance Industries conglomerate. Jio's valuation has more than doubled from the roughly $65 billion it was pegged at during a 2020 funding round. Since entering the market in 2016 with low-cost services, it has rapidly gained market share from established rivals.

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• Ambani's Jio surges 21% in Mumbai debut after record $3.2 billion India IPO
• Jio shares surge 21% in market debut after blockbuster India IPO
• In the wake of Jio's listing, what are India's biggest share offerings?
• Jio IPO Listing: Jio Platforms Share Price Lists At 21.36% Premium On BSE; 3 Brokers Buy Call, 22% Upside Seen
• Stock Market LIVE Updates: Jio IPO Listing India’s Telecom Sector Gets a New Heavyweight!

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