Jio Platforms Completes Record-Breaking $3.2 Billion Indian IPO
Jio Platforms closed India's largest-ever IPO on October 23, attracting over 1.4 crore applications and valuing the company at approximately $108 billion.
The digital and telecom arm of Reliance Industries, Jio Platforms, completed its initial public offering on October 23, 2026, marking the largest share sale in Indian history. The offering raised up to 302 billion rupees ($3.2 billion) through a fresh issue of 270 million shares priced between 1,065 and 1,119 rupees. The IPO set a global record for investor participation with nearly 1.4 crore applications and was oversubscribed 22.19 times, with total demand across anchor and public books reaching 7.4 lakh crore rupees.
Managing Director Akash Ambani led the fundraising efforts, conducting global roadshows in New York, London, and Hong Kong. He positioned the company as a technology platform rather than a traditional telco, highlighting a strategy focused on AI, cloud computing, and a planned constellation of 1,600 low-earth-orbit satellites. The company intends to use 27,500 crore rupees of the proceeds to prepay borrowings of its subsidiary, Reliance Jio Infocomm.
The process saw immense institutional demand, with the anchor book oversubscribed more than 30 times by investors including BlackRock, Fidelity, and the Abu Dhabi Investment Authority. While the IPO was a success, it faced public criticism from Elon Musk, who characterized the company as "monopolistic" amid disputes over Starlink's entry into India. Shares are scheduled to list on the Bombay Stock Exchange and National Stock Exchange on October 28.
