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Shares in Jio Platforms opened at ₹1,358 on Wednesday 28 October 2026, about 21% above the ₹1,119 IPO price, in what the Jio IPO coverage describes as the largest public offering in Indian history, according to TechCrunch. The company raised about $3.2 billion, and the debut valued it at roughly ₹12.5 trillion (about $131.9 billion) at the issue price, making it India’s second-most valuable listed company after parent Reliance Industries, TechCrunch reports.
Contents
- How the debut went
- Demand behind the offer
- Where the money goes
- The company’s numbers
- What it means for foreign investors
- What to watch
- Jio IPO questions
How the debut went
TechCrunch says the offer ran from 21 to 22 October and was subscribed 22.19 times, with bids exceeding $77 billion. The price of ₹1,119 was the top of the band, according to Business Today, which put the issue size at ₹30,213 crore. TechCrunch’s report does not name the exchanges, and neither does Business Today’s, so we do not state them here.
Demand behind the offer
Business Today’s breakdown shows institutional investors drove the demand: the qualified institutional buyer portion was booked 70.55 times, non-institutional investors 14 times, eligible Reliance shareholders 7.60 times, employees 2.03 times and retail 2.72 times, as of its cutoff time. TechCrunch says more than 13.8 million people applied; Business Today’s figure of over 1.35 crore applications is a slightly different count taken earlier, so the two should not be read as a discrepancy in the offer itself. Business Today also cited an unofficial grey-market premium implying about a 22% listing gain, which it stressed is not guaranteed.
Where the money goes
TechCrunch says the offer was entirely new shares, so existing backers did not sell. Up to ₹275 billion (about $2.9 billion) is earmarked to repay debt at subsidiary Reliance Jio Infocomm, with the rest for general corporate purposes. It lists Meta ($5.7 billion) and Google ($4.5 billion), both invested in 2020, along with General Atlantic, Silver Lake and Vista Equity Partners as backers.
The company’s numbers
For the year ended March 2026, Jio reported a profit of ₹300.5 billion (about $3.2 billion) on revenue of ₹1.47 trillion (about $15.5 billion), both up roughly 15%, according to TechCrunch. In the June quarter, revenue rose nearly 12% and profit rose 9%. Managing director Akash Ambani said its platforms serve more than 540 million customers; that is the company’s own figure.
What it means for foreign investors
As an illustration, not a real case: a Filipino investor looking at emerging-market technology stocks would note that a 21% opening gain says something about first-day demand, not about long-run returns, and that overseas access to Indian-listed shares depends on the investor’s broker and local rules. Related reading includes our reports on the Anthropic IPO valuation target and investor concern over big tech AI spending, and founders weighing structures can see our company formation guide.
What to watch
The next checkpoints are the company’s first results as a listed business and how the shares trade once early demand fades. Neither TechCrunch nor Business Today gives a date for those results, so we do not either. Readers following the stock should note that a strong debut can reverse, and that grey-market and first-day moves are weak predictors of later performance.
Jio IPO questions
What was the Jio IPO price?
₹1,119 per share, the top of the price band, according to Business Today.
How much did Jio raise?
About $3.2 billion, per TechCrunch, which calls it India’s largest IPO on record.
How did shares open?
At ₹1,358 on 28 October 2026, roughly 21% above the issue price.
How oversubscribed was the offer?
22.19 times, with institutional investors the most heavily oversubscribed group.
Did existing investors sell?
No. TechCrunch says the offer was entirely new shares.
What will the money be used for?
Up to ₹275 billion for debt repayment at Reliance Jio Infocomm and the rest for general corporate purposes.
Sources
- TechCrunch — Jio shares surge 21% in market debut after blockbuster India IPO. https://techcrunch.com/2026/10/27/jio-shares-surge-21-in-market-debut-after-blockbuster-india-ipo/
- Business Today — Jio Platforms IPO issue price fixed at Rs 1,119 per share. https://www.businesstoday.in/markets/stocks/story/jio-platforms-ipo-issue-price-fixed-at-rs-1119-per-share-allotment-listing-dates-and-gmp-563526-2026-10-26
Image: BKC skyline, Mumbai, CC BY-SA 2.0, via Wikimedia Commons.
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