The shares opened at ₹1,358 (about $14) apiece, compared with the IPO price of ₹1,119 (around $12). The listing valued Jio Platforms at approximately ₹12.5 trillion (around $131.9 billion), making it India’s second-most valuable listed company after its parent, Reliance Industries, which is valued at about ₹16 trillion (around $168.6 billion).
The valuation marks a significant increase from 2020, when Meta and Google invested in the business. At that time, Jio Platforms was valued at up to ₹4.91 trillion, or about $65 billion.
The IPO, which ran from October 21 to 22, received bids for 22.19 times the number of shares on offer, according to exchange data. More than 13.8 million investors applied for shares, making it the most subscribed stock offering in India’s history and reflecting strong investor interest in Jio’s business and growth prospects.
Jio entered India’s crowded telecom market in 2016 by offering free data and low-cost services, rapidly attracting customers from established operators, including Bharti Airtel, Vodafone Idea and state-owned BSNL. It has since grown into the country’s largest telecom operator.
Speaking at Wednesday’s listing ceremony, Akash Ambani, managing director of Jio Platforms, said the company’s platforms serve more than 540 million customers. While Jio’s prices are now broadly in line with those of its competitors, the company has expanded beyond telecommunications into broadband, cloud services and artificial intelligence (AI).
Akash, Mukesh Ambani’s eldest son, has assumed a larger role at Jio as his father gradually transfers greater responsibility to the next generation of Reliance’s leadership. At the listing ceremony, Akash outlined his ambition to transform Jio into a global technology company.
“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,” he said.
Jio Platforms reported a profit of ₹300.5 billion (about $3.2 billion) on revenue of ₹1.47 trillion (around $15.5 billion) for the fiscal year ended March 2026. Both figures increased by about 15% from the previous year. In the June quarter, the company’s revenue grew nearly 12%, while its profit rose 9%.
The company plans to use up to ₹275 billion (about $2.9 billion) of the IPO proceeds to repay debt at its telecom subsidiary, Reliance Jio Infocomm. The remaining proceeds will be allocated to general corporate purposes. As of June 30, Jio had total borrowings of ₹613.7 billion (around $6.5 billion).
Jio Platforms attracted billions of dollars in investments from American investors during the COVID-19 pandemic in 2020. Meta, then known as Facebook, invested $5.7 billion, while Google contributed $4.5 billion. General Atlantic, Silver Lake and Vista Equity Partners were among the other investors that backed the company.
None of these investors sold shares in the IPO, which consisted entirely of newly issued shares. The offering therefore provides Jio with fresh capital to address debt at its telecom subsidiary and support general corporate requirements, while its strong market debut underscores the scale of investor demand for the business.
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