EL7.AI
StocksMediumUpdated×2•Originally published 28 October 2026•Updated 29 October 2026•
4 min read

Jio Platforms jumps 27% after record $3.2 billion IPO in India

Key Facts

1Jio shares rose 27% on their first day of trading after an offering raised $3.2 billion.
2Jio was valued at about $137 billion after the listing.
3The shares closed at 1,417.5 rupees, against an offer price of 1,119 rupees, after rising as much as 27.3% intraday.
4Reliance’s combined market value reached $320 billion.
5Jio plans to use up to $2.89 billion of the net proceeds to repay loans of its telecom unit.

Jio Platforms shares jumped 27% on their first day of trading in Mumbai on Wednesday, October 28, 2026, after an initial public offering raised $3.2 billion, Reuters reported. The shares closed at 1,417.5 rupees, compared with the offer price of 1,119 rupees, after rising as much as 27.3% during the session. The listing valued Jio at about $137 billion, making it India’s second-largest company by market value after Reliance. The closing price was above the offer price, while the intraday rise was stronger than the stock’s gain by the end of trading. The debut followed a share sale that Reuters said attracted bids exceeding $77 billion when it closed on October 23.

The listing also boosted the value of its parent group, lifting Reliance’s combined market value to $320 billion and making it India’s largest group by that measure after surpassing the Tata Group, Reuters reported. This combined value differs from Jio’s valuation of about $137 billion: the former includes the group, while the latter refers to the listed company. Jio’s market value also surpassed those of Bharti Airtel and HDFC Bank. Jio’s listing was Reliance Group’s first in two decades, making it a landmark for the group as well as India’s biggest IPO. On the first day of the offering, bids for the shares on offer reached 3.16 times by the end of the day, after demand exceeded supply in less than two hours, according to Reuters via Euronext.

Jio draws on a large customer base in its telecommunications business: RJIL, its telecom unit, had about 533.3 million customers on June 30, 2026, compared with 498.1 million on June 30, 2025, and 524.4 million on March 31, 2026, according to the offering prospectus published by India’s securities regulator. Reuters describes the telecom business as serving more than 530 million customers and notes that the company’s backers include Meta Platforms and Alphabet’s Google. Prospectus data show that Jio’s revenue from operations was 1,468,853 million rupees in fiscal 2026, while EBITDA reached 762,554 million rupees, with a margin of 51.91%. Net profit after tax was 300,491 million rupees, with a margin of 20.46% in the same fiscal year. Between fiscal 2024 and fiscal 2026, revenue recorded a compound annual growth rate of 15.79%, while EBITDA grew at a rate of 17.79%.

Jio plans to use up to $2.89 billion of the net proceeds from the offering to repay loans of its telecom unit, Reuters reported. The offering prospectus sets a maximum of 275,000 million rupees for the full or partial prepayment of RJIL loans, with a proposed implementation schedule in fiscal 2027. This stated use directs a large portion of the offering proceeds toward reducing the unit’s debt, rather than allocating it to purposes not mentioned by the sources. The repayment plan provides a specified post-listing item, with the prospectus stating the amount and proposed fiscal year for implementation. The prospectus also says that 261.0 million users were still migrating from 2G networks to 4G and 5G networks on June 30, 2026.

Brokerages, according to Reuters, said they see risks related to competition, the intensity of capital spending and changes in Indian telecom rules, including spectrum, licensing and fees. These factors reflect the challenges facing Jio’s business in a market that requires capital investment and is subject to changing regulations. Commenting on pricing, the founder of Fident Asset Management said, "The offer price provided an entry point from a valuation perspective; the listing price reflects a much greater degree of optimism." Reuters Breakingviews analysts also said the successful share sale reflects continued confidence in the Ambani family’s ability to create shareholder value, adding that the issue was also priced to perform well. Before the listing, their analysis noted that investors were weighing Ambani’s digital ambitions against the possibility of satellite telecom competition from Starlink, which had been waiting since 2022 for permission to operate commercially in India.