Jio Platforms, the telecom arm of India's Reliance Industries, made a triumphant stock market debut on Wednesday, October 28, with shares listing at a premium of roughly 21 per cent over the issue price and valuing the company at more than $131 billion.
The listing caps a record-breaking initial public offering that raised Rs 30,188 crore, about $5.3 billion, and drew more than 1.38 crore applications from investors across every category, according to Firstpost.
India's biggest IPO draws unprecedented demand
Jio's offering now stands as the largest IPO in Indian history, surpassing the Rs 27,870 crore raised by Hyundai Motor India in 2024. It was also the largest IPO ever conducted entirely through fresh shares, meaning existing shareholders such as Reliance Industries, Meta and Google sold no stock in the process.
The company plans to use up to Rs 27,500 crore of the proceeds to repay or prepay borrowings at Reliance Jio Infocomm, with the remainder reserved for general corporate purposes.
Public bids reached Rs 4.9 lakh crore, beating the previous Indian record of Rs 4.39 lakh crore set by LG Electronics India's IPO last year. The issue was subscribed 22.19 times overall, India Today reported.
Fastest full subscription in Indian market history
Unlike most Indian IPOs, where demand builds gradually and institutional investors often wait until the final hours, the Jio offering was fully subscribed within 100 minutes of opening on October 21. No other mega IPO in India has achieved full subscription on day one. Hyundai Motor India took three days, while the LIC of India and National Stock Exchange offerings each took two.
Qualified institutional buyers placed bids worth approximately Rs 3.87 lakh crore, edging past the previous benchmark of Rs 3.86 lakh crore. The institutional portion was subscribed 70.55 times, reflecting demand from domestic mutual funds, insurance companies and foreign portfolio investors, according to The Economic Times.
Retail investors and shareholders pile in
Retail investors submitted 1,05,13,429 applications, a new record, with the retail portion attracting bids worth nearly Rs 26,000 crore and subscribed 2.72 times, according to figures reported by CNBC-TV18. Eligible Reliance Industries shareholders, offered a separate route into the offering, lodged 21,62,500 applications.
Large high-net-worth investors also set a record, with applications crossing 3.5 lakh against the previous mark of 2,71,403. News18 reported that the breadth of demand across retail, institutional and shareholder categories was a defining feature of the float.
Ambani family marks a new beginning
The listing ceremony in Mumbai was attended by Reliance chairman Mukesh Ambani, his wife Nita, and their children Akash, Isha and Anant. Akash Ambani, Jio's managing director, said the listing marks a new beginning bringing greater responsibility, higher expectations and a bigger opportunity.
My dream is that one day, when the world counts its great technology companies, one of them will be called Jio Platforms Limited.
With a valuation above $131 billion in early trading, Jio becomes India's second-most valuable listed company, overtaking rival Bharti Airtel and trailing only its own parent, Reliance Industries. Shares touched Rs 1,375 in early trade against an IPO price of Rs 1,119 apiece.
Joining a select global club
At the offer price, Jio's implied market capitalisation was around Rs 10.3 lakh crore, equivalent to more than $100 billion. That places it in a small group of companies, alongside Meta, Alibaba and SpaceX, to cross the $100-billion valuation mark at the point of listing.
Frequently asked questions
How much did the Jio Platforms IPO raise?
Jio Platforms raised Rs 30,188 crore, roughly $5.3 billion, making it the largest IPO in Indian history and the largest conducted entirely through fresh shares.
How did Jio shares perform on debut?
Shares listed at a premium of about 21 per cent on October 28, rising to Rs 1,375 in early trading against the IPO price of Rs 1,119, valuing the company at over $131 billion.
What records did the Jio IPO set?
The offering set records for total applications at more than 1.38 crore, public bids at Rs 4.9 lakh crore, institutional demand at Rs 3.87 lakh crore, retail applications, shareholder applications and large HNI applications, and it reached full subscription in 100 minutes.