Jio Platforms climbed 21% in its Mumbai debut on Wednesday, turning a $3.2 billion share sale into India’s most subscribed initial public offering on record. The stock opened at ₹1,358, above the ₹1,119 offer price, valuing Mukesh Ambani’s telecom and digital unit at roughly ₹12.5 trillion ($131.9 billion), second only to its parent, Reliance Industries, at about ₹16 trillion ($168.6 billion).
The order book tells the story
Investors bid for 22.19 times the shares on offer during the two-day bookbuild that closed October 22, drawing more than 13.8 million applications and over $77 billion in aggregate demand. The offering consisted entirely of new shares; Meta, Google, General Atlantic, Silver Lake and Vista Equity Partners, all of which bought in during the 2020 pandemic fundraising at valuations up to ₹4.91 trillion ($65 billion), did not sell a single share.
From free data to market leader
Jio entered a crowded market in 2016 with free data and cut-price plans, quickly displacing Bharti Airtel, Vodafone Idea and state-owned BSNL to become India’s largest telecom operator. Managing director Akash Ambani said at the listing ceremony the platforms now serve more than 540 million customers. Pricing has since converged with rivals, but the business has expanded into broadband, cloud and AI.
The numbers behind the multiple
Profit reached ₹300.5 billion ($3.2 billion) on revenue of ₹1.47 trillion ($15.5 billion) in the fiscal year ended March 2026, both up about 15% year on year. The June quarter showed revenue growth of nearly 12% and a 9% profit rise. Total borrowings stood at ₹613.7 billion ($6.5 billion) as of June 30; up to ₹275 billion ($2.9 billion) of IPO proceeds are earmarked to repay debt at the telecom subsidiary Reliance Jio Infocomm, with the rest for general corporate purposes.
The succession signal
Akash Ambani, Mukesh’s eldest son, has taken a larger role as the founder gradually hands responsibility to the next generation. His stated ambition, that Jio one day be counted among the world’s great technology companies, frames the listing as a milestone in a broader transition, not merely a capital raise.