Jio Surges 21% in Mumbai Debut: India's Biggest-Ever IPO Lands at $132 Billion

Jio Platforms surged 21% on its first day of trading in Mumbai on Wednesday, October 28, opening at 1,358 rupees against an IPO price of 1,119 rupees and instantly becoming India's second-largest listed company, valued at about $131.5 billion. The debut capped India's biggest-ever initial public offering and gave Reliance Industries its first new listing in two decades.

What happened

Jio Platforms, the digital and telecoms arm of Mukesh Ambani's Reliance Industries, listed on the National Stock Exchange in Mumbai on Wednesday after raising about 30,213 crore rupees (about $3.2 billion) in a record-breaking IPO. The stock opened at 1,358 rupees a share, a gain of 239 rupees, or 21.36%, over the 1,119-rupee offer price, according to live market coverage of the listing. At that opening price, Jio was valued at about $131.52 billion, overtaking Bharti Airtel and HDFC Bank to trail only its parent, Reliance Industries, in market capitalisation in India. The issue, priced in a band of 1,065 to 1,119 rupees, was subscribed 22.19 times, and consisted entirely of a fresh issue of about 27 crore shares.

Why it is blowing up

Scale is the story. Jio's telecoms business serves more than 530 million customers, making it India's largest digital connectivity platform by a wide margin, and the company is backed by Meta Platforms and Alphabet's Google, which took stakes before the listing. The debut also lands in the middle of a busy Indian IPO market, and the grey-market premium ahead of the listing had already pointed to gains of about 22%, so the strong open matched feverish expectations rather than surprising them. The listing ceremony itself became a national moment: the Ambani family rang the bell at the exchange in Mumbai, and major newspapers carried front-page Jio advertisements reading "Thank you, India." The debut stood out even more because the wider market was falling, with the Sensex down sharply in early trade, dragged lower by technology stocks ahead of the US Federal Reserve's policy decision later on Wednesday.

Key facts

• Opening price: 1,358 rupees, up 21.36% from the 1,119-rupee IPO price.
• IPO size: About 30,213 crore rupees (about $3.2 billion) — the largest public issue in India's market history.
• Valuation at the open: About $131.52 billion, India's second-largest company by market value, behind only Reliance Industries.
• Demand: The offer was subscribed 22.19 times; Reliance is expected to hold about 66.4% of Jio after the listing.
• Use of proceeds: Up to 27,500 crore rupees will go toward prepaying or repaying borrowings of subsidiary Reliance Jio Infocomm.
• Backers and reach: Meta and Google are shareholders, and Jio serves more than 530 million subscribers, with home broadband as its second growth engine.

Sources: Reuters — Jio surges 21% in Mumbai debut; The Hindu BusinessLine — Sensex, Nifty live updates, October 28; HDFC Sky — Five stocks to watch, October 28

What's next

Analysts watching the listing point to steady tariff increases that rivals could follow, rapid growth in home broadband, and falling capital intensity now that the bulk of 5G spending is done, which should lift free cash flow. One brokerage initiating coverage cited a 13.5% EBITDA growth rate expected over FY26 to FY29 and named wireless market-share gains as the core driver. The immediate test is simpler: whether Jio can hold its opening premium in the sessions ahead, and what the debut means for Reliance Industries itself when the parent reports its September-quarter results, with a board meeting set for October 30 that will also consider a fundraising proposal. Either way, India now has a newly listed technology giant priced alongside the world's biggest telecom and platform companies — and its first day could hardly have gone better.

FAQ

How much did Jio Platforms rise on its debut?

Jio opened at 1,358 rupees on Wednesday, October 28, up 239 rupees or 21.36% from its IPO price of 1,119 rupees.

How big was the Jio IPO?

The offering raised about 30,213 crore rupees, roughly $3.2 billion, making it the largest initial public offering in India's history, and it was subscribed 22.19 times.

What is Jio Platforms worth after listing?

At its opening price, Jio was valued at about $131.52 billion, making it India's second-largest company by market capitalisation, behind only Reliance Industries.

Who owns Jio Platforms?

Reliance Industries remains the controlling shareholder with about 66.4% after the listing, while Meta Platforms and Alphabet's Google also hold stakes taken before the IPO.