Key facts
- Jio Platforms shares opened at 1,358 rupees, a 21% increase from their 1,119-rupee offer price.
- The IPO is India's largest ever, raising $3.2 billion.
- Jio's telecom business serves over 540 million customers.
- The company reported a profit of $3.2 billion on revenue of $15.5 billion in the fiscal year ended March 2026.
- Jio plans to use $2.9 billion of the IPO proceeds to repay debt.
Jio Platforms shares surged 21% on their Mumbai debut on Wednesday, marking a strong start for India's largest-ever initial public offering. The listing values the digital and telecoms unit of Reliance Industries, backed by Meta Platforms and Alphabet's Google, as one of India's biggest companies by market capitalization. The stock opened at 1,358 rupees a share, compared with its 1,119-rupee offer price. The debut furthers Mukesh Ambani's plan to transform Reliance Industries from an oil-and-chemicals conglomerate into an 'everything company' spanning consumer and technology.
The offering, which ran from October 21 to 22, drew bids for 22.19 times the shares on sale, according to exchange data, attracting more than 13.8 million applicants and making it India's most subscribed stock offering on record. Jio's business has expanded into broadband, cloud services, and AI, serving over 540 million customers.
Jio Platforms reported a profit of 300.5 billion rupees ($3.2 billion) on revenue of 1.47 trillion rupees ($15.5 billion) in the fiscal year ended March 2026. From the IPO proceeds, Jio plans to use up to 275 billion rupees ($2.9 billion) to repay debt at its telecom subsidiary, Reliance Jio Infocomm.