Jio Platforms, the telecommunications and digital services subsidiary of Mukesh Ambani’s Reliance Industries, surged 21% in its stock market debut on October 28, 2026, following India’s largest initial public offering (IPO). The company raised approximately $3.2 billion, attracting more than $77 billion in investor bids and applications from over 13.8 million investors.
Jio shares opened at ₹1,358 (approximately $14), compared with the IPO price of ₹1,119 (about $12), valuing the company at approximately ₹12.5 trillion ($131.9 billion). The listing made Jio India’s second-most valuable publicly traded company, behind parent Reliance Industries, valued at around ₹16 trillion ($168.6 billion).
Jio IPO Attracts Record Investor Demand
The offering, which opened on October 21 and closed on October 23, received subscriptions for 22.19 times the shares available, according to exchange data. More than 13.8 million investors submitted applications, making it India’s most subscribed IPO on record.
Jio’s valuation has increased substantially since 2020, when Meta and Google invested at a valuation of up to ₹4.91 trillion, equivalent to approximately $65 billion at the time. Neither company sold shares through the IPO, which consisted entirely of newly issued equity.
Meta invested approximately $5.7 billion in Jio during 2020, while Google contributed another $4.5 billion. Other early investors include General Atlantic, Silver Lake and Vista Equity Partners.
Jio Expands Beyond Telecom With 540 Million Customers
Jio entered India’s telecommunications market in 2016, attracting subscribers through free mobile data and low-cost connectivity services. The company subsequently became India’s largest telecom operator, competing with Bharti Airtel, Vodafone Idea and state-owned BSNL.
At the listing ceremony, managing director Akash Ambani said Jio’s services now reach more than 540 million customers. The company has expanded into broadband connectivity, cloud computing, digital platforms and artificial intelligence, alongside its mobile telecommunications business.
Akash Ambani, the eldest son of Reliance chairman Mukesh Ambani, has assumed increasing responsibility within the group’s leadership. He said his ambition is to establish Jio as a globally recognized technology company.
IPO Proceeds to Support Debt Repayment
For the fiscal year ended March 2026, Jio reported revenue of ₹1.47 trillion ($15.5 billion) and net profit of ₹300.5 billion ($3.2 billion), with both increasing approximately 15% year over year. In the June quarter, revenue grew nearly 12%, while profit increased 9%.
According to Jio’s IPO documents, the company intends to allocate up to ₹275 billion ($2.9 billion) toward repaying debt at its telecommunications subsidiary, Reliance Jio Infocomm. The remaining proceeds will be used for general corporate purposes.
Jio reported total borrowings of ₹613.7 billion ($6.5 billion) as of June 30, 2026.
Featured image credits: Wikimedia Commons
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