Jio Platforms Hits $137 Billion Valuation After Record IPO
Reliance Jio Platforms, the telecom and digital services company owned by billionaire Mukesh Ambani’s Reliance Group, surged 27% on its stock market debut in Mumbai on October 28, 2026. Following India’s largest-ever initial public offering (IPO), valued at $3.2 billion, Jio reached a market capitalisation of approximately $137 billion, becoming India’s second-most valuable listed company. Its shares closed at ₹1,417.50, significantly above the IPO price of ₹1,119.
The listing marks a major milestone in Ambani’s strategy to transform Reliance from an oil and chemicals conglomerate into a diversified business spanning technology and consumer services. Jio serves more than 530 million telecom customers and is backed by global technology giants Meta Platforms and Google. The company plans to use up to $2.89 billion of its net IPO proceeds to repay borrowings held by its telecom business. The broader Reliance Group’s combined market capitalisation also reached approximately $320 billion, making it India’s most valuable corporate group.
Despite the strong market debut, analysts have highlighted potential challenges, including intense competition, substantial capital expenditure and changes in India’s telecom regulations. Some brokerages remain optimistic about Jio’s growth prospects, noting that future revenue and earnings will be important in determining its share performance. The landmark listing also reinforces India’s position as a leading IPO market, with 246 listings recorded so far in 2026.
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