Business & Finance

Jio Shares Surge 21% on Mumbai Debut, Setting Record for India's Biggest IPO

By list.metadata.agency

Jio Platforms shares jumped 21% on their Mumbai debut Wednesday, giving India’s largest-ever initial public offering a strong start and marking Reliance Industries’ first listing in twenty years. The telecom giant, which serves more than 530 million customers, became one of India’s biggest companies by market capitalisation. The company is backed by Meta Platforms and Alphabet’s Google. The stock opened at 1,358 rupees per share, above its 1,119‑rupee offer price. The listing supports Mukesh Ambani’s plan to transform Reliance Industries from an oil‑and‑chemicals conglomerate into an “everything company” that spans consumer and technology. The ceremony was attended by Mukesh Ambani, his eldest son Akash Ambani—Jio’s managing director—his wife Nita Ambani, and his other children Isha and Anant Ambani. An emotional Mukesh Ambani was seen in tears as Anant delivered a speech tracing Reliance’s and Jio’s legacy and journey. Major Indian newspapers ran front‑page ads from Reliance Jio saying “Thank you, India.” Prior to the listing, the grey‑market premium for Jio shares indicated gains of about 22%. India has become the world’s busiest IPO market this year in terms of the number of deals, with 246 listings so far, though it ranked fourth by money raised at $13.5 billion, behind the US, mainland China and Hong Kong, according to LSEG data. Several brokerages called the $108.3 billion valuation attractive, noting potential upside, but warned of competition, heavy capital spending and changes in India’s telecom rules—including spectrum, licensing and fees—as risks.