Financeupdated 1h ago2 min read
Archive photo · 10 January 2013Jio Platforms Shares Surge 21% In Mumbai Debut After $3 Billion India IPO
3 Western Mainstream1 Asian1 Other1 Western AlternativePhoto: BSEINDIA, CC BY-SA 3.0 · Cropped for layout
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Jio Platforms raised about $3.2 billion in India's largest IPO. Shares jumped around 21–27% on debut, valuing Jio at about $137 billion.
6 outlets told this the same way.
IPO lifts Jio debut
Jio Platforms surged on its Mumbai debut after raising more than $3 billion in India’s biggest ever initial public offering, with shares opening at 1,358 rupees, 21% above its 1,119-rupee issue price. Aishvarya Dadheech, founder of Fident Asset Management, said, "The IPO price offered a valuation entry point; the listing price reflects a much greater degree of optimism," as Jio’s stock ended at 1,417.5 rupees on the National Stock Exchange. Akash Ambani told the listing ceremony in Mumbai, "In our first 10 years, we democratised data… In our next 10, we want to democratise every technology that can transform Indian lives," as the company positioned itself beyond telecom.
“Shares of the country’s biggest wireless operator opened at 1,358 rupees, which was 21% up on its 1,119-rupee issue price.”
Jio’s valuation of around US$137 billion helped lift Reliance’s combined market capitalisation to US$320 billion, making Reliance the top firm by that metric and placing Jio as India’s second-largest company by market capitalisation. TechCrunch said Jio shares opened up from the IPO price of ₹1,119 and that the offering ran from October 21 to 22, drawing bids for 22.19 times the shares on sale.
Debate over tariffs
BBC said Jio’s discounted data plans have been a bedrock of India’s digital revolution, but it also described controversy around Jio’s 2016 launch and the telecom market shrinking from 17 operators to an oligopoly of just three. Nitya Shah, co-founder of KamayaKya Wealth Management, said, "The era of Jio using cheap tariffs as a market-share weapon is drawing to a close," as the IPO debut raised questions about pricing strategy. Motilal Oswal said in a note that Jio’s future growth will depend on "earning more per subscriber - through the migration to 5G, successive tariff revisions, and the extension of fixed wireless broadband into homes fibre has never reached".
The BBC also said the listing could mark a turning point for Jio’s pricing strategy, potentially bringing an end to years of ultra-cheap tariffs. The promoters would dilute their shareholding by about 3%, while Jio’s prices are now broadly in line with those of its rivals.
What the money is for
Jio plans to use up to ₹275 billion (about $2.9 billion) to repay debt at its telecom subsidiary, Reliance Jio Infocomm, with the remainder going toward general corporate purposes. Jio plans to use up to US$2.89 billion of the net IPO proceeds to repay the borrowings of its telecoms unit. BBC said the IPO could enhance transparency and provide investors with a "clearer market valuation" for the company, as Jio is currently part of Reliance Industries.
“Jio plans to use up to US$2.89 billion of the net IPO proceeds to repay the borrowings of its telecoms unit.”
TechCrunch reported that Jio made ₹300.5 billion in profit on revenue of ₹1.47 trillion in the fiscal year ended March 2026, and it said both figures were up about 15% from a year earlier. Jio made ₹300.5 billion in profit on revenue of ₹1.47 trillion in the fiscal year ended March 2026, and it said both figures were up about 15% from a year earlier.