Jio Platforms shares climbed 21% on their first day of trading, following an IPO that raised $3.2 billion and drew investor bids worth more than $77 billion.
The shares opened at ₹1,358, above the IPO price of ₹1,119, valuing the company at about ₹12.5 trillion ($131.9 billion). The offering attracted more than 13.8 million applicants, with demand reaching 22.19 times the shares available.
Jio, part of Reliance Industries, is India's largest telecom operator and serves more than 540 million customers. Since entering the market in 2016 with low-cost data plans, it has expanded into broadband, cloud services and artificial intelligence.
The company reported ₹300.5 billion in profit on ₹1.47 trillion in revenue for the fiscal year ending March 2026, with both figures up around 15% year over year. It plans to use up to ₹275 billion of the IPO proceeds to repay debt at its telecom subsidiary, Reliance Jio Infocomm.
Managing director Akash Ambani has said the company aims to grow into a global technology business. Jio's public listing could provide additional resources for that expansion and strengthen India's presence in the international technology sector.
