India's Largest IPO: Jio Platforms Shares Surge 21% on Listing

Jio Platforms, the telecommunications and digital services company led by billionaire Mukesh Ambani, made a strong stock market debut today (Wednesday, October 28), with its shares rising 21.36% above the initial public offering (IPO) price. Backed by Meta and Google's parent company, Alphabet, the company raised INR 30,213 crore through India's largest IPO in the Indian market history.

The shares opened at INR 1,358 apiece on both the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE), compared to the IPO price of INR 1,119 per share. At the opening price, Jio Platforms had a market value of approximately INR 12.5 trillion (around USD 131.5 billion), making it India's second most valuable listed company after its parent, Reliance Industries, which had a market value of around INR 16 trillion.

The IPO, which opened on October 21 and closed on October 23, received bids for 22.19 times the number of shares offered. According to exchange data, investors placed bids for approximately 4.38 billion shares against 197.5 million shares available in the offering. More than 13.8 million applications were received.

The listing marks a major milestone for Reliance Industries as it expands beyond its traditional oil and energy businesses into telecommunications and digital services.

Meta and Google invested in Jio Platforms in 2020.