Jio Platforms Soars 21% in Mumbai Debut After India's Largest-Ever IPO

What happened

Shares of Mukesh Ambani's Reliance Jio Platforms surged as much as 21% in their Mumbai trading debut on Wednesday, October 28, 2026, opening at 1,358 rupees a share against an offer price of 1,119 rupees and making the telecom operator India's second-largest company by market capitalisation at roughly $131.5 billion, ahead of Bharti Airtel and HDFC Bank, according to Reuters reporting carried by Regional Media News and Daily Sabah. The listing followed a record initial public offering that raised $3.2 billion, India's largest ever, and was subscribed more than 22 times, drawing over $77 billion in investor bids across institutional and retail segments, per BSE data. Jio is backed by parent Reliance Industries, which owns more than 66% of the company, alongside Meta Platforms, which invested $5.7 billion in 2020, and Alphabet's Google, which put in $4.5 billion the same year. The company's telecom business serves more than 530 million customers, second only to China Mobile among single-country subscriber bases. Jio plans to use $2.9 billion of the IPO proceeds to repay debt at its telecom subsidiary.

The debut is the first listing for the Reliance conglomerate in two decades and advances Ambani's plan to reshape Reliance from an oil-and-chemicals group into what he has described as an "everything company" spanning consumer products and technology. Managing Director Akash Ambani told the listing ceremony that he envisions Jio becoming a global technology company. At the National Stock Exchange ceremony, the Ambani family rang the IPO bell, and Mukesh Ambani was seen in tears as his son Anant traced the group's legacy. Major Indian newspapers carried front-page Reliance Jio advertisements reading "Thank you, India."

Market participants offered a measured read on the premium. "The IPO price offered a valuation entry point; the listing price reflects a much greater degree of optimism," said Aishvarya Dadheech, founder of Fident Asset Management. Kranthi Bathini, equity strategist at WealthMills Securities, was more upbeat: "Jio has had a strong debut even despite geopolitical issues and turbulent market conditions … the revenues and earnings will lead the stock here onwards." Brokerages, per the wire reports, see potential upside but have flagged intensifying competition, heavy capital spending and possible changes in India's telecom rules covering spectrum, licensing and fees.

Why it matters

The listing is a milestone for Indian capital markets on two fronts. First, it is the largest IPO the country has recorded, and it lands in a year when India is already the world's busiest IPO market by number of deals, with 246 listings so far, ranking fourth by money raised at $13.5 billion behind the United States, mainland China and Hong Kong, according to LSEG data cited by Reuters. Including Jio's record offering would lift India above Hong Kong's $15.4 billion raised, per Reuters calculations. Second, the valuation vaults Jio past Bharti Airtel and HDFC Bank to second place among Indian companies, a marker of how far the group's telecom and digital businesses have moved toward the center of the conglomerate's earnings mix.

The debut also carries weight for the global technology investors involved. Meta's $5.7 billion and Google's $4.5 billion stakes, both taken in 2020, were among the largest bets foreign technology firms have made on an Indian operator, and the listing gives both a public mark on those positions. For Reliance itself, the parent has returned about 900% since 2006, ahead of the Nifty's 685% over the same period, per LSEG data, and the Jio listing formalises a separation investors had long anticipated. The fee economics drew attention too: Jio's 19 bankers will split about $20.7 million, or 0.65% of the offer, roughly half the 1.3% Hyundai Motor India paid on its 2024 listing, a data point likely to feed ongoing debate about Indian IPO fee levels.

How it is being covered

The story is carried by 65 outlets in the ground.news aggregation, 29 of them rated, with a political split of 28% left, 24% center and 48% right. Factuality is strong across the rated sample: 16 of 29 outlets are rated high or very high, 13 mixed, and none low or very low. Coverage is broad across the spectrum and ground.news flags no blindspot, with both business-focused and general outlets leading on the valuation milestone.

What to watch

Whether the stock holds its debut premium once initial allocations unlock, and how the gap between the 1,119-rupee offer price and the 1,358-rupee open is digested by analysts weighing valuation against earnings. Brokerage commentary points to three named risks: competition in Indian telecom, the scale of Jio's capital spending, and any changes to spectrum, licensing and fee rules. The $2.9 billion debt repayment at the telecom subsidiary is the first stated use of proceeds to track. On the market side, India's position in the global IPO league table, currently fourth at $13.5 billion raised against Hong Kong's $15.4 billion, will be updated as the year's remaining listings settle, per LSEG data and Reuters calculations.

By the numbers

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