Jio Platforms surges in debut after record $3.2 billion India IPO
publishers 65articles 158first reported 14 Oct, 16:00 UTCdeveloping since 14 Oct · 19 editions
Jio Platforms surged in its Mumbai market debut Wednesday after raising about $3.2 billion in India’s largest initial public offering.
Shares opened at ₹1,358, 21.4% above the ₹1,119 issue price, and closed at ₹1,417.50, a gain of about 27%. The closing price valued Mukesh Ambani’s telecom and digital-services company at roughly $137 billion, making it India’s second-most valuable listed business after parent Reliance Industries. Jio shares opened another 3.3% higher Thursday, CNBC reported.
The offering drew bids for 22.19 times the shares available and more than 13.8 million applications, according to exchange data cited by TechCrunch. It consisted entirely of newly issued shares; existing investors, including Meta and Google, did not sell holdings. Reliance retained a stake of more than 64% following the IPO.
Jio plans to use up to ₹275 billion of the proceeds to repay debt at telecom subsidiary Reliance Jio Infocomm, with the remainder allocated to general corporate purposes. The company reported ₹300.5 billion in profit on revenue of ₹1.47 trillion for the fiscal year ended March 2026, both about 15% higher than a year earlier.
Managing Director Akash Ambani said at the listing ceremony that Jio serves more than 540 million customers and outlined expansion ambitions in artificial intelligence, cloud services, connected devices and satellite connectivity. Jio’s market debut also lifted the combined value of Reliance Group companies above ₹30 trillion, surpassing Tata Group as India’s most valuable conglomerate, Bloomberg reported.
HOW THIS STORY WAS MADE
Written from 8 articles, 4 with the publisher's own text; 8 independent newsrooms once syndicated copies count as one; this version written 348 h after the record first saw the story; the editor kept it as written.
- Publishers
- 65
- Source articles
- 158
- Given to the writer
- 8, 4 with the article's own text
- Independent newsrooms
- 8
- This version written
- 348 h after the record first saw the story
- Second model (editor)
- kept as written
- Publication gate
- passed
- Human review
- none
WHAT THE EDITOR DID
The second model checked the writer's draft against the same sources and published it as written.
Written by a language model from the sources above, then checked by a second model that may only cut, attribute or correct. How it works →