Jio shares surge 21% in market debut after blockbuster India IPO
Jio has debuted as India's second-most valuable listed company, behind its parent, Reliance Industries.
Key points
- Jio shares opened at ₹1,358, up from an IPO price of ₹1,119, valuing the company at around ₹12.5 trillion.
- Jio is now India's second-most valuable listed company after parent Reliance Industries.
- Jio plans to use up to ₹275 billion of IPO proceeds to repay debt at Reliance Jio Infocomm.
Jio Platforms made its stock market debut with shares opening at ₹1,358 (about $14), a 21% jump from the IPO price of ₹1,119 (around $12). The listing valued the Indian telecom operator at around ₹12.5 trillion (about $131.9 billion), making it the country's second-most valuable listed company after its parent, Reliance Industries, which is worth about ₹16 trillion (around $168.6 billion).
The IPO consisted entirely of newly issued shares. Investors who backed Jio in 2020, including Meta and Google, did not sell shares in the offering.
From free data to global ambitions
Jio entered India's crowded telecom market in 2016 with free data and low-cost services, winning customers from Bharti Airtel, Vodafone Idea and state-owned BSNL. It has since become the country's largest telecom operator. At Wednesday's listing ceremony, Jio Platforms managing director Akash Ambani said its platforms serve more than 540 million customers.
Jio's prices are now broadly in line with rivals', and the business has expanded into broadband, cloud services and AI. Akash Ambani, who has taken on a larger role as his father Mukesh Ambani hands more responsibility to the next generation, said he wants Jio to become a global technology company.
My dream is that one day, when the world counts its great technology companies, one of them will be from India, and that company will be called Jio Platforms Limited
— Akash Ambani
Financials and use of proceeds
In the fiscal year ended March 2026, Jio reported profit of ₹300.5 billion (about $3.2 billion) on revenue of ₹1.47 trillion (around $15.5 billion), both up about 15% from a year earlier. In the June quarter, revenue grew nearly 12% and profit rose 9%.
Jio plans to direct up to ₹275 billion (about $2.9 billion) of IPO proceeds to repay debt at its telecom subsidiary, Reliance Jio Infocomm, with the rest going to general corporate purposes. Total borrowings stood at ₹613.7 billion (around $6.5 billion) as of June 30.
