Jio shares jump 21% in Mumbai debut after record $3.2bn India IPO
Reliance Jio Platforms rose 21% on its first trading day after India's largest and most subscribed IPO, valuing the telecom at about $131.5bn.
What you need to know
Reliance Jio Platforms rose 21% in its Mumbai trading debut on Wednesday after a $3.2bn IPO, India's largest and most subscribed. The Meta- and Google-backed telecom opened at 1,358 rupees against a 1,119-rupee offer price, valuing it at about $131.5bn.
- Jio shares opened at 1,358 rupees versus the 1,119-rupee IPO price, a 21% gain.
- The IPO raised $3.2bn and drew bids worth more than $77bn, over 22 times the shares on sale.
- At about $131.5bn, Jio became India's second-most valuable listed firm behind Reliance Industries.
- Jio said it plans to use up to 275bn rupees of proceeds to repay debt at Reliance Jio Infocomm.
Debut and valuation
Jio Platforms shares opened at 1,358 rupees apiece in Mumbai on Wednesday, compared with an offer price of 1,119 rupees, a gain of about 21%. At that level the company was valued at roughly $131.5 billion, making it India's second-largest listed firm by market capitalisation after parent Reliance Industries.
The listing overtook Bharti Airtel and HDFC Bank on that measure, according to Reuters. It was the Reliance conglomerate's first listing in two decades.
IPO demand and proceeds
The offering, open from October 21 to 22, raised $3.2 billion and drew more than $77 billion in investor bids, or 22.19 times the shares on sale, exchange data showed. More than 13.8 million people applied, making it India's most subscribed stock offering on record.
The IPO consisted entirely of newly issued shares; existing backers including Meta and Google did not sell. Jio plans to use up to 275 billion rupees to repay debt at Reliance Jio Infocomm, with the remainder for general corporate purposes. Jio reported total borrowings of 613.7 billion rupees as of June 30.
Business and outlook
Jio reported profit of 300.5 billion rupees on revenue of 1.47 trillion rupees for the fiscal year ended March 2026, both up about 15%. Managing director Akash Ambani said at the listing ceremony that its platforms serve more than 540 million customers; Reuters put the telecom subscriber base above 530 million.
Several brokerages see potential upside but flagged competition, heavy capital spending and changes to India's telecom rules on spectrum, licensing and fees.
How much did Jio raise in its IPO and how was it priced?
Jio raised $3.2 billion in India's largest IPO, selling shares at 1,119 rupees each. The stock opened at 1,358 rupees on debut, and the offering drew bids worth more than $77 billion.
Sources & context
- Jio shares surge 21% in market debut after blockbuster India IPO ↗TechCrunch
- Ambani's Jio surges 21% in Mumbai debut after record US$3.2 billion India IPO ↗CNA
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