EDITION OF OCTOBER 28, 2026
Jio rises 21% in stock market debut
Jio Platforms gains 21% in its stock market debut, according to TechCrunch, following an IPO that raised $3.2 billion. The Indian operator, which also operates in cloud computing and AI, plans debt repayments of up to 275 billion rupees.
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Jio Platforms' stock market debut gives the Indian telecommunications and digital services group a new financial dimension. According to TechCrunch, demand far exceeded the shares on offer. Jio plans to use up to 275 billion rupees to repay its telecommunications subsidiary's debt, without specifying a minimum amount.
Jio Platforms rose 21% in its stock market debut on Wednesday, TechCrunch reports. The Indian telecommunications and digital services company raised $3.2 billion in what the outlet described as the country's largest initial public offering. Investor bids exceeded $77 billion.
The stock opened at 1,358 rupees, compared with an offer price of 1,119 rupees. That opening valued Jio at around $131.9 billion, making the group India's second most valuable listed company behind its parent, Reliance Industries, according to TechCrunch. This was its valuation at the opening: these figures do not establish how the share price subsequently performed.
The offering, open from October 21 to 22, received bids for 22.19 times the shares on offer, according to stock exchange data cited by the outlet. More than 13.8 million people submitted applications. This strong demand measures interest in the offering, without establishing the company's growth prospects on its own.
Jio entered India's telecommunications market in 2016 with free data and low-cost services and became its largest operator. At the listing ceremony, its chief executive Akash Ambani said its platforms served more than 540 million customers. The group has also expanded into broadband, cloud computing and artificial intelligence. However, the financial contribution of these activities is not specified.
For the fiscal year ended in March 2026, Jio reported a profit of around $3.2 billion on revenue of around $15.5 billion, both up about 15%, according to TechCrunch. Jio plans to allocate up to 275 billion rupees of the proceeds to repaying debt at its telecommunications subsidiary Reliance Jio Infocomm, with the balance intended for general corporate purposes. This announced ceiling does not constitute a guaranteed minimum amount.
Meta and Google, which invested in 2020, sold no shares in this offering, which consisted entirely of new shares. The transaction therefore provides capital to Jio. At this stage, it does not represent a stock market exit for these investors.