Jio Shares Jump 21% After Record IPO in India
Jio Platforms experienced a significant 21% increase in its stock market debut after a highly successful IPO, which was India's largest to date.
Jio Platforms saw its shares rise 21% during its stock market debut on Wednesday, following a record-setting IPO. The initial public offering (IPO) raised $3.2 billion and received more than $77 billion in bids from investors.
The shares opened at ₹1,358 (approximately $14), surpassing the IPO price of ₹1,119 (around $12). This surge valued Jio at around ₹12.5 trillion (about $131.9 billion), making it India’s second-most valuable publicly listed company, just behind its parent company, Reliance Industries, which is valued at around ₹16 trillion (approximately $168.6 billion).
Jio’s IPO, which ran from October 21 to 22, was marked by unprecedented interest, with bids being placed for 22.19 times the number of shares available. Over 13.8 million applications were submitted, setting a record for the most subscribed stock offering in India.
Since its entry into the Indian telecom sector in 2016, Jio has quickly become the country’s largest operator by offering affordable data plans and services. Akash Ambani, Managing Director of Jio Platforms, revealed that the company now serves over 540 million customers. He expressed aspirations for Jio to be recognized as a leading global technology company, saying, “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.”
In the last fiscal year ending March 2026, Jio reported profits of ₹300.5 billion (around $3.2 billion) on revenues of ₹1.47 trillion (approximately $15.5 billion), reflecting a 15% increase from the previous year. The company also saw nearly 12% growth in revenue and a 9% rise in profit in its latest quarter.
Jio plans to utilize around ₹275 billion (about $2.9 billion) of the IPO proceeds to pay off debt at its telecom subsidiary, Reliance Jio Infocomm. The remaining funds will be used for general corporate purposes. As of June 30, Jio had total borrowings of ₹613.7 billion (around $6.5 billion).
This IPO follows a significant influx of investment from American companies during the COVID-19 pandemic, with major stakes from Meta and Google among others. None of the investors sold shares during the IPO, which consisted entirely of newly issued shares.
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