Jio Platforms Debuts in India's Largest Ever IPO
Jio Platforms launched India's largest IPO on October 28, valuing the company at up to $137 billion and propelling Reliance Industries past Tata Group in market value.
Digital services company Jio Platforms debuted on the Bombay Stock Exchange and National Stock Exchange on October 28, 2026, in the largest initial public offering in Indian history. The IPO raised approximately $3.1 billion to $3.2 billion, drawing over $77 billion in bids from 130 million participants. Shares listed at ₹1,358, a premium of roughly 21% over the issue price, and closed as high as ₹1,417.50, representing a first-day surge of up to 27%.
The listing valued the company between $108 billion and $137 billion, making it India's second-most valuable public company and the nation's most valuable telecom operator. This surge propelled the parent conglomerate, Reliance Industries, past Tata Group to become India's most valuable industrial group, with a combined market capitalization exceeding 30 trillion rupees.
During the Mumbai ceremony, Managing Director Akash Ambani outlined a ten-year vision to democratize artificial intelligence, cloud computing, and space-based connectivity. Directors Isha and Anant Ambani highlighted the company's financial growth, reporting annual revenue of $15.5 billion and earnings of $8 billion. The event marked a leadership transition for the Ambani family, as Akash Ambani, who took charge of the unit in April, pitched the firm as a global technology company rather than a mere telecom provider. Reliance Industries plans to use up to $2.89 billion of the proceeds to repay borrowings within its telecoms unit.
