Jio jumps 21% on debut after raising $3.2 billion in India IPO

Jio Platforms began trading 21% above its offer price after a $3.2 billion initial public offering, the largest in India. The telecom and digital services business, backed by Meta and Google, opened at ₹1,358 per share, compared with an issue price of ₹1,119.

The opening price put Jio’s valuation at around ₹12.5 trillion, behind only parent Reliance Industries among India’s listed companies. Reliance is worth about ₹16 trillion. Jio had been valued at up to ₹4.91 trillion when Meta and Google invested in 2020.

Investors submitted more than $77 billion in bids during the October 21-22 offering. Exchange data showed demand equal to 22.19 times the shares available, with applications from more than 13.8 million people, setting an Indian subscription record.

Jio plans to direct up to ₹275 billion of the proceeds toward repaying borrowings at telecom subsidiary Reliance Jio Infocomm. The balance is earmarked for general corporate purposes. As of June 30, Jio’s total borrowings stood at ₹613.7 billion.

For the fiscal year ending in March 2026, Jio reported ₹300.5 billion in profit and ₹1.47 trillion in revenue, each about 15% higher than a year earlier. Managing director Akash Ambani said at the listing ceremony that Jio’s platforms serve more than 540 million customers. Its operations now span telecom, broadband, cloud services and AI.

Only newly issued shares were included in the IPO; existing investors sold none. Meta invested $5.7 billion in 2020, while Google invested $4.5 billion. Other backers include General Atlantic, Silver Lake and Vista Equity Partners.