Jio Platforms

Telecom · Digital Services · India

IPO

Jio Platforms shares surge 21% in record $3.2B India IPO debut

The listing instantly vaults the telecom-to-digital arm past Bharti Airtel into India's second-largest company by market value, trailing only its parent.

• Jio Platforms shares jumped as much as 21-27% on their Mumbai trading debut after raising $3.2 billion (₹302 billion) in India's largest-ever IPO, priced at ₹1,119 per share.
• Jio is Reliance Industries' telecom and digital services arm, serving more than 530 million customers and backed by Meta Platforms and Alphabet's Google.
• The IPO was subscribed 22.19 times overall, with institutional investors bidding 70.55 times their allotted shares, and was fully covered within about 100 minutes of opening.
• Jio's market capitalization hit about ₹12.5 trillion (roughly $131 billion), making it India's second-most valuable listed firm after parent Reliance and overtaking Bharti Airtel.
• The listing is Reliance's first new public offering in two decades and advances Mukesh Ambani's push to turn the group from an oil-and-chemicals conglomerate into a consumer-tech 'everything company.'
• Nomura issued a buy rating with a ₹1,340 target, and analysts expect Jio's looming addition to indexes like the MSCI and Nifty 50 to draw further institutional demand.
• The blockbuster debut shows global investors are willing to pay a premium for India's digital-infrastructure growth story even as the broader market stays flat, reinforcing Jio's pricing power in telecom.