Jio Platforms, the telecom and digital services arm of billionaire Mukesh Ambani’s Reliance Industries, made a remarkable debut on the Indian stock market, with its shares soaring 21% on the first day of trading. The company raised $3.2 billion in what became India’s largest and most subscribed initial public offering (IPO), attracting over $77 billion in bids from investors. Jio’s shares started trading at ₹1,358 ($14) each, significantly higher than the IPO price of ₹1,119 ($12), valuing the company at around ₹12.5 trillion ($131.9 billion). This milestone positions Jio as the second-most valuable publicly-listed company in India, just behind its parent Reliance Industries.

The IPO offering ran from October 21 to October 22 and was oversubscribed by 22.19 times, with more than 13.8 million applicants seeking shares. This overwhelming investor interest reflects Jio’s dominance in the Indian telecom sector and its rapid customer acquisition since its 2016 entry. Initially disrupting the market with free data and affordable services, Jio quickly surpassed established competitors such as Bharti Airtel, Vodafone Idea, and BSNL. Today, it serves over 540 million customers and has expanded beyond telecom into broadband, cloud services, and artificial intelligence technologies.

Jio Platforms’ CEO and managing director Akash Ambani, son of Mukesh Ambani, emphasized his vision for Jio to become a global technology leader at the IPO listing ceremony. Under his leadership, the company is focused on growth in high-tech sectors and aims to be recognized internationally as a major tech firm originating from India. Financially, Jio reported a profit of ₹300.5 billion ($3.2 billion) on revenue of ₹1.47 trillion ($15.5 billion) for the fiscal year ending March 2026, both increasing by approximately 15% from the previous year. In the most recent quarter, revenue and profit continued their upward trajectory.

The funds raised through the IPO will primarily be used to reduce debt at Reliance Jio Infocomm, Jio’s telecom subsidiary, with ₹275 billion ($2.9 billion) allocated for this purpose. The company had total borrowings of ₹613.7 billion ($6.5 billion) as of June 30, 2026. Notably, none of the earlier investors, including Meta, Google, General Atlantic, Silver Lake, and Vista Equity Partners, sold shares in this offering, which consisted entirely of newly issued stock. These strategic moves underscore Jio’s strong financial position and ambitious plans for future growth.