Jio Platforms Soars 21% After Record $3.2 Billion India IPO
Jio Platforms jumps 21% on debut after its $3.2 billion IPO attracted over $77 billion, valuing Mukesh Ambani's digital unit at $131.9 billion in India.
Summary
Jio Platforms, Mukesh Ambani’s Meta and Google backed telecom and digital unit, rose 21% on its October 28, 2026 debut after raising $3.2 billion in India’s largest IPO. Shares opened at ₹1,358, about $14, against the ₹1,119, about $12, offer price, valuing Jio at ₹12.5 trillion, about $131.9 billion. It became India’s second most valuable listed company behind parent Reliance Industries at ₹16 trillion, about $168.6 billion, and more than doubled its 2020 valuation of up to ₹4.91 trillion, then about $65 billion.
The October 21 to 22 offering attracted over $77 billion in bids, covering available shares 22.19 times, with more than 13.8 million applicants. The record subscription involved only newly issued shares. Existing investors sold nothing, including Meta, then Facebook, which invested $5.7 billion in 2020, Google with $4.5 billion, General Atlantic, Silver Lake and Vista Equity Partners. Up to ₹275 billion, about $2.9 billion, will repay Reliance Jio Infocomm debt, while the remainder funds general corporate purposes. Borrowings totaled ₹613.7 billion, around $6.5 billion, on June 30.
Jio entered telecom in 2016 with free data and low cost services, taking customers from Bharti Airtel, Vodafone Idea and BSNL before becoming India’s largest operator. It now serves over 540 million customers and spans broadband, cloud services and AI, although prices broadly match rivals. Fiscal 2026 profit rose about 15% to ₹300.5 billion, about $3.2 billion, on revenue up about 15% to ₹1.47 trillion, around $15.5 billion. June quarter revenue grew nearly 12% and profit 9%. Managing director Akash Ambani, Mukesh Ambani’s eldest son, is assuming greater responsibility and wants Jio to become a global technology company.
Positives
- The 21% debut gain lifted Jio’s valuation to ₹12.5 trillion, about $131.9 billion.
- More than 13.8 million applicants bid over $77 billion, subscribing the IPO 22.19 times.
- Fiscal 2026 profit and revenue each grew about 15%, reaching ₹300.5 billion and ₹1.47 trillion respectively.
- Over 540 million customers use Jio’s expanding telecom, broadband, cloud and AI platforms.
- Up to ₹275 billion, about $2.9 billion, will reduce debt at Reliance Jio Infocomm.
Risks & concerns
- ₹613.7 billion, around $6.5 billion, of borrowings remained outstanding as of June 30.
- June quarter profit grew 9%, trailing revenue growth of nearly 12%.
- Jio’s prices now broadly match rivals, reducing the low cost distinction that fueled its early expansion.
- IPO proceeds left after debt repayment are assigned to general corporate purposes without further detail.