Business · Markets · 30 mins ago
Jio Platforms shares jump 21% in record Indian IPO debut
Jio Platforms shares rose 21% on their first day of trading in India on Wednesday.
The company is Mukesh Ambani’s telecom and digital services business, part of Reliance Industries.
Its IPO raised about $3.2 billion, making it India’s largest public share offering, and attracted bids for more than 22 times the shares on sale.
Jio became India’s largest telecom operator after entering the market in 2016 with free data and low-cost services.
It now serves more than 540 million customers and is also expanding into broadband, cloud services and AI.
The IPO valued Jio at about ₹12.5 trillion, making it India’s second-most valuable listed company after Reliance Industries.
The company plans to use up to ₹275 billion of the proceeds to repay debt at its telecom subsidiary, with the rest for general corporate purposes.
Investors will watch whether Jio can turn its growing digital businesses into lasting growth, with execution and future earnings among the factors highlighted by analysts.
Jio Platforms is set to debut on India’s stock market on October 28, following an initial public offering that attracted record demand.
The IPO raised Rs 30,213 crore, according to The Economic Times, which described it as India’s largest public issue.
The grey market premium was around 22% ahead of the debut, although the articles note that this unofficial indicator can fluctuate and does not guarantee listing gains.
The IPO was subscribed 22.19 times, with qualified institutional buyers’ portion subscribed 70.55 times.
Jio plans to use up to Rs 27,500 crore of the proceeds to repay or prepay borrowings at Reliance Jio Infocomm.
Indian benchmark indices were expected to start lower, despite gains in major Asian and US markets.
- Who
- Jio Platforms, the telecom and digital services arm of Reliance Industries.
- What
- The company is set to make its stock market debut after an IPO that raised Rs 30,213 crore, according to The Economic Times.
- When
- October 28, 2026.
- Where
- Dalal Street in India; the listing ceremony was underway at the National Stock Exchange.
- Why
- The IPO raised funds, with up to Rs 27,500 crore intended to repay or prepay borrowings at Reliance Jio Infocomm.
This story does not have two clearly opposing sides.
Jio Platforms’ public issue opened for subscription.
The public issue closed after being subscribed 22.19 times.
Jio Platforms’ listing ceremony was underway ahead of its stock market debut.
- IPO size
- Rs 30,213 crore, according to The Economic Times
- IPO subscription
- 22.19 times
- IPO price
- Rs 1,119 per share
- Grey market premium
- Around 22% ahead of the debut
- IPO proceeds
- Up to Rs 27,500 crore planned for repayment or prepayment of Reliance Jio Infocomm borrowings
6 sources
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What people are saying
Today the bell at the exchange will ring for me like a temple bell because for me, business is puja, and every puja ends with prasad.
I congratulate the entire team of Jio Platforms on reaching this important milestone.
Execution will determine how much value these opportunities create,