Jio Platforms shares jumped 21% in their Mumbai debut on Wednesday, 28 October 2026, giving India's biggest-ever initial public offering a strong start, according to Reuters.
According to Reuters, the stock opened at 1,358 rupees a share, compared with its 1,119-rupee offer price, valuing the company at about $131.5 billion. That made Jio India's second-largest company by market capitalisation, behind only its parent, Reliance Industries, and ahead of Bharti Airtel and HDFC Bank.
The listing is Reliance's first in two decades, according to Reuters. Jio's telecoms business serves more than 530 million customers, and the company is backed by Meta Platforms and Alphabet's Google. Its user numbers are second only to China Mobile on a single-country basis, according to Reuters.
According to Reuters, the listing ceremony at the National Stock Exchange in Mumbai was attended by Mukesh Ambani, his wife Nita, and their children Akash, Isha and Anant. Akash Ambani, Jio's managing director, touched his parents' feet before speaking, in a traditional gesture of respect, and Mukesh Ambani was visibly emotional as his son traced the Reliance and Jio legacies.
What happens next will test whether the debut gains hold. According to market reports, grey-market trading ahead of the listing had pointed to a premium of about 22%, close to the 21% opening gain, and analysts will watch whether Jio can convert its huge subscriber base into sustained growth as Reliance pushes further from oil and chemicals into consumer and technology businesses, according to Reuters.
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