Jio Platforms Debuts in India's Largest Ever IPO

Jio Platforms, the telecommunications and digital arm of Reliance Industries, began trading in Mumbai on October 28, 2026. The listing followed the largest initial public offering in Indian history, which raised between $3.1 billion and $3.2 billion and was heavily oversubscribed with approximately $77 billion in bids.

Valued between $107 billion and $108.3 billion, the company serves over 530 million customers. The debut is a central part of Mukesh Ambani's strategy to pivot Reliance Industries from an oil-and-chemicals conglomerate into a diversified technology and consumer company. This growth was supported by investments from Google LLC and Meta Platforms Inc., and aligned with Prime Minister Narendra Modi's national digital initiatives.

While brokerages viewed the valuation as attractive, they highlighted risks involving heavy capital expenditure and potential regulatory changes to spectrum fees and licensing. Elon Musk, a potential rival in the satellite broadband sector, criticized the company's rise as a result of "crony capitalism," though analysts link the success to the alignment of commercial goals with government strategic priorities.