Jio Platforms Jumps 27% in Mumbai After Record $3.2 Billion IPO

Key Facts

Jio Platforms shares jumped 27% in their Mumbai stock market debut on Wednesday, October 28, 2026, after an initial public offering raised $3.2 billion, in a listing that valued the company at about $137 billion. Reuters reported that the stock opened at 1,358 rupees, compared with the offer price of 1,119 rupees. It then rose as much as 27.3% during the session before ending at 1,417.5 rupees, close to its intraday high. These levels indicate that the closing gain relative to the offer price differs from the peak intraday gain, while the 27% figure describes the stock’s debut performance as reported by Reuters. The listing gave the company India’s second-largest market capitalization, in a session that drew investor attention as the country’s biggest initial public offering.

Jio’s rise pushed its market value above those of Bharti Airtel and HDFC Bank, placing it second among Indian companies after its parent, Reliance. Reliance’s combined market capitalization stood at $320 billion, according to Reuters, strengthening the group’s position at the top of Indian companies by this measure. Jio’s listing is the first by a Reliance group company in two decades, adding to its significance within the group as well as its scale in the Indian market. The company’s importance in telecommunications stems from its customer base of more than 530 million. Its backers also include Meta Platforms and Alphabet’s Google, according to Reuters.

The IPO was worth $3.2 billion, the largest in India’s history, after closing on October 23 and surpassing Hyundai Motor India’s 27,870 crore rupee offering in 2024. The offering attracted more than 1.38 crore applications, while bids from public investors totaled 4.9 lakh crore rupees. Total demand, including anchor investors, rose to 7.4 lakh crore rupees, according to India Today. Investors sought 438.26 crore shares, compared with 19.75 crore shares offered to the public, taking the issue’s subscription rate to 22.19 times. These figures show the breadth of participation in the offering, while the stock’s rise on listing day set a new market price for the company after the IPO price had been set.

The offering comprised about 27 crore new shares and did not include sales of existing shares by current shareholders, according to India Today. Reuters reported that the company plans to use up to $2.89 billion of the net proceeds to repay loans of its telecommunications unit. India Today estimated the amount allocated to repayment or prepayment at up to 27,500 crore rupees. The use of proceeds puts debt repayment among the offering’s stated objectives, alongside raising capital through the issuance of new shares. The repayment plan gives investors information about where the money will go after the listing, while competition and capital spending are among the key issues brokerages cited for the telecommunications business.

An analyst quoted by Reuters said, "The IPO price offered an entry point based on valuation; the listing price reflects a much greater degree of optimism." The comparison is between the price at which investors entered the offering and the price the stock reached when trading began, without attributing the stock’s move to any single factor. Brokerages, meanwhile, warned about competition, heavy capital spending and changes to India’s telecommunications rules. The cited rules cover spectrum, licensing and fees. These challenges place Jio’s business in a large telecommunications market, but remain factors that could affect the unit’s operations, running costs and investments.

The listing followed a process in which IPO plans were delayed more than once. According to Reuters’ account, republished by MarketScreener, the company had targeted filing its IPO documents in March, before IPO activity slowed after the Iran war. Mukesh Ambani said in 2019 that Jio would move toward a listing within five years, but plans were delayed again in 2025. The listing reopened trading in the company’s shares to investors after that process, while the next specific step in the proceeds plan is focused on repaying loans of the telecommunications unit. The report did not give another specific date for a subsequent step after listing day.