Jio Platforms Raises $3.2 Billion in Record-Breaking IPO

Jio Platforms Limited completed a record-breaking initial public offering, raising $3.2 billion and reaching a valuation of $131.5 billion. The company became India's second-most valuable company following a 21 percent surge in share price on Wednesday. Demand for the offering reached over Rs 7.5 lakh crore against a target of Rs 30,000 crore, resulting in a 24.5 times subscription.

Managing Director Akash Ambani reported that the qualified institutional buyer portion was fully subscribed within 90 seconds, surpassing the previous record held by LG Energy Solution. This success occurred despite a challenging market environment where foreign investors withdrew nearly Rs 48,000 crore from Indian equities. For the quarter ended September 2026, the company reported a 13.7 percent year-on-year increase in consolidated net profit to Rs 8,389 crore.

Founded by Mukesh Ambani in 2016, the company disrupted the Indian market through free data offerings to become the country's largest operator. Currently, Jio, Airtel, and Vodafone Idea control over 92 percent of the market. Amid the listing, Elon Musk accused the government of Narendra Modi of blocking Starlink to protect Jio's position. Reliance Industries denied these claims, stating it has "never feared competition."