Jio Platforms Closes Debut 27% Above IPO Price

Jio Platforms closed its Mumbai trading debut at about ₹1,418, roughly 27% above its ₹1,119 IPO price, after its ₹30,213-crore offering—the country’s largest IPO—was subscribed more than 20 times. The listing valued the company at around ₹13 lakh crore, making it India’s second-most valuable listed company after parent Reliance Industries and its largest listed telecom operator. Reliance’s combined listed-market value moved ahead of Tata Group’s, though Reliance’s ownership of Jio means their market capitalisations should not be added as separate economic value. With more than 530 million subscribers, Jio is seeking growth beyond telecom in digital services, AI and data centers, while analysts say its ability to generate significant revenue from newer businesses remains unproven. Managing director Akash Ambani has also described plans to expand over the next decade into areas including cloud, connected devices and satellite connectivity.