Jio Platforms shares jump 21% on Mumbai debut despite weak Indian market
Jio Platforms rose 21.4% above its IPO price on debut and became India's second most valuable company, Moody's reports, as the broader market slipped.
- published on Newsmetry
- original source published
the same feed is available to bots and dashboards through the api. connect the api →
what happened
Jio Platforms, the telecom unit backed by Mukesh Ambani, began trading with a 21.4% gain over its IPO price of 1,119 rupees. The shares opened on the BSE at 1,358 rupees and closed at 1,417.35 rupees, according to Moody's. That made Jio the second most valuable company in India, behind its parent Reliance Industries and ahead of Bharti Airtel. The Sensex and Nifty both finished the day slightly lower.
Jio's market value at Wednesday's close stood at 13.04 lakh crore rupees, compared with 15.7 lakh crore for Reliance and 11.68 lakh crore for Bharti Airtel. The 30,213 crore rupee offering was the largest IPO in India's corporate history, outsizing Hyundai Motor India's 27,859 crore rupee issue in 2024. Demand far exceeded supply: the offer was subscribed 22 times, and the qualified institutional buyer portion was covered 70.55 times.
The company plans to use part of the proceeds to prepay up to 27,500 crore rupees of borrowings at its operating subsidiary, Reliance Jio Infocomm. The rest will go toward general corporate purposes.
why it matters
The smooth debut of India's largest IPO shows that investors still want big offerings even when the broader market is soft. For Reliance Industries, which owns Jio, a higher value for the subsidiary lifts the group's overall market capitalisation, while the proceeds are earmarked partly for reducing debt at the operator.
market impact
Reliance Industries and India's telecom sector: strong Jio debut supports interest in the group and large IPOs
tags
instruments
sources
- Jio Platforms Hits a Quiet Street with Much Fanfare — Moody's, 29 October 2026 at 04:13 UTC
- Jio Platforms Hits Quiet Street with Much Fanfare — Moody's, 29 October 2026 at 04:13 UTC
prepared by the newsmetry newsroom with ai assistance from the sources listed below. not investment advice.
alerts on your topics, the morning digest and the api — in your account.
get stories in real time ↗