Ambani’s Jio surges 21% in Mumbai debut after record US$3.2 billion India IPO
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A Reliance Industries’ Jio Digital Life store on a street in Kolkata, India, on June 19. Jio Platforms raised about US$3.2 billion (S$4.1 billion) at 1,119 rupees (S$15.08) per share in the initial public offering.
PHOTO: REUTERS
- Jio Platforms shares rose 21% on their Mumbai debut after India’s biggest IPO, valuing the company at about US$131.52 billion and making it India’s second-largest firm by market value.
- The listing supports Mukesh Ambani’s plan to turn Reliance Industries into an “everything company” across consumer and technology, backed by Meta Platforms and Google.
- The launch was emotional for the Ambani family, with tears at the ceremony, while brokers saw value in the deal but warned of competition, heavy spending and telecom rule risks.
AI generated
MUMBAI – Jio Platforms shares soared 21% in their Mumbai debut on Oct 28, giving India’s biggest-ever initial public offering a roaring start and Mukesh Ambani’s Reliance Industries its first listing in two decades.
With the listing, Jio, whose telecoms business serves more than 530 million customers, has become the second-largest company by market capitalisation in India, trailing its parent, Reliance. Ambani’s digital and telecoms unit is backed by Meta Platforms and Alphabet’s Google.
The stock opened at 1,358 rupees (S$18.30) a share, compared with its 1,119-rupee offer price. Jio is now valued at about US$131.52 billion (S$168.6 billion), overtaking Bharti Airtel and HDFC Bank as the second-largest Indian firm in terms of market capitalisation.
The listing, which raised US$3.2 billion, furthers Ambani’s plan to turn Jio’s parent Reliance Industries from an oil-and-chemicals conglomerate into an “everything company” spanning consumer and technology.
The listing ceremony for Jio was attended by Mukesh Ambani, Akash Ambani, his eldest son, who is Jio’s managing director, and his wife Nita Ambani. Ambani’s other children Isha and Anant Ambani also attended.
An emotional Mukesh Ambani was seen in tears as Anant traced Reliance’s and Jio’s legacies and journey in a speech at the ceremony.
The family rang the IPO bell on stage at the National Stock Exchange in Mumbai.
A busy IPO market
Major Indian newspapers on Oct 28 carried front-page ads from Reliance Jio, saying “Thank you, India”.
Ahead of the listing, the premium for Jio shares in the grey market – an unregulated market that allows investors to trade in unlisted shares – indicated gains of about 22%.
India has become the world’s busiest IPO market in 2026 in terms of the number of deals, with 246 listings so far, though it ranked fourth by money raised at US$13.5 billion, behind the US, mainland China and Hong Kong, LSEG data showed.
Several brokerages called the US$108.3 billion valuation attractive, with some pointing to potential upside, though they flagged competition, heavy capital spending and changes in India’s telecom rules, including those related to spectrum, licensing and fees, as risks. REUTERS