Jio Platforms Achieves 21% Surge on Market Debut
Jio Platforms, backed by Meta and Google, sees a remarkable 21% increase in its stock market debut after a record-breaking IPO.
Jio raised $3.2 billion in India's largest IPO, attracting over $77 billion in bids.
The shares opened at ₹1,358, valuing Jio at approximately ₹12.5 trillion.
Jio plans to use IPO proceeds to reduce debt and expand its business.
Jio Platforms, the telecom and digital services arm of billionaire Mukesh Ambani, marked a significant milestone on Wednesday by witnessing a 21% rise in its stock market debut. This surge followed the company raising $3.2 billion in what has been recognized as India's largest and most subscribed initial public offering (IPO), which garnered an overwhelming $77 billion in investor bids.
The shares commenced trading at ₹1,358 (around $14), a notable increase from the IPO price of ₹1,119 (approximately $12). This valuation positions Jio at around ₹12.5 trillion (about $131.9 billion), making it the second-most valuable publicly listed company in India, just behind its parent company, Reliance Industries, valued at roughly ₹16 trillion (around $168.6 billion). In 2020, when Meta and Google invested in Jio, the company's valuation was approximately ₹4.91 trillion (around $65 billion).
The IPO, which took place from October 21 to 22, saw bids amounting to 22.19 times the shares available for sale, as per exchange data. Over 13.8 million individuals applied, setting a record for the most subscribed stock offering in India, reflecting robust investor enthusiasm for shares in the nation's largest telecom operator.
Since its entry into the Indian telecom sector in 2016, Jio has transformed the market by offering free data and affordable services, quickly attracting customers from established competitors like Bharti Airtel and Vodafone Idea. Currently, Jio serves over 540 million customers and has diversified its offerings to include broadband, cloud services, and artificial intelligence. Akash Ambani, managing director of Jio Platforms, expressed aspirations for Jio to evolve into a global technology leader, stating his vision for Jio to be recognized among the world's top technology firms.
In the fiscal year ending March 2026, Jio reported a profit of ₹300.5 billion (approximately $3.2 billion) on revenues of ₹1.47 trillion (around $15.5 billion), marking a 15% increase year-on-year. The company plans to allocate up to ₹275 billion (about $2.9 billion) from the IPO proceeds to pay down debts at its telecom subsidiary, Reliance Jio Infocomm, with the remaining funds earmarked for general corporate purposes. As of June 30, Jio's total borrowings stood at ₹613.7 billion (around $6.5 billion).
