Jio Platforms shares jump 21% on Mumbai debut, marking India's largest IPO

Jio Platforms shares opened at 1,358 rupees per share, above the 1,119-rupee offer price, and climbed 21% in their first day of trading on the National Stock Exchange in Mumbai. The surge valued the company at roughly $131.5 billion, placing it behind only Bharti Airtel and HDFC Bank in terms of market capitalisation in India.

The listing ceremony was attended by Mukesh Ambani, his son Akash Ambani – who serves as Jio's managing director – and other members of the Ambani family. The family rang the IPO bell on stage.

Ahead of the listing, grey-market trading indicated a premium of about 22% for Jio shares. India has recorded the highest number of IPOs this year, with 246 listings, though total funds raised rank fourth globally after the United States, mainland China and Hong Kong, according to LSEG data.

Brokerages noted the $108.3 billion valuation as attractive but highlighted risks such as intense competition, heavy capital expenditure and recent changes to India's telecom regulations, including spectrum licensing and fee structures.

Major Indian newspapers carried advertisements from Reliance Jio on the day of the debut, expressing gratitude to the Indian market.