Jio Platforms Shares Rise 21% in Market Debut Following India's Largest IPO
Jio Platforms, the digital services arm of Reliance Industries, saw its shares trade 21.36% above the issue price on its first day of trading, following a ₹30,213 Cr initial public offering.
Shares of Jio Platforms began trading at ₹1,358 on the BSE and NSE, marking a significant premium over the ₹1,119 issue price. The listing concludes India’s largest IPO to date, which saw a 22.19x subscription rate when bidding closed on October 23.
The debut grants the company a market capitalization of approximately ₹12.5 lakh crore, or $131 billion. The offering consisted entirely of a fresh issue of 27 crore equity shares, attracting major institutional backing from entities such as BlackRock, HDFC Mutual Fund, and the Abu Dhabi Investment Authority.
Jio Platforms intends to allocate ₹27,500 crore of the proceeds to settle existing debt held by its subsidiary, Reliance Jio Infocomm (RJIL). By reducing its leverage, the company aims to sharpen its focus on cloud computing, enterprise solutions, and artificial intelligence, diversifying revenue streams beyond its core mobile connectivity business.
Financial performance remains robust, with the company reporting a 15% year-on-year rise in operating revenue to ₹1.47 lakh crore for FY26. With 533.3 million mobile subscribers and a rapidly expanding fixed broadband base of 28.6 million users, the firm now carries roughly 60% of India’s total wireless data traffic.