Jio Platforms, the Indian digital and telecommunications giant backed by Meta and Google, has completed its IPO.
Raising $3.2 billion, the offering was oversubscribed 22.19 times, highlighting significant market interest.
With 540 million users and annual revenues of 1.47 trillion rupees, Jio’s entry into the public market at a $131.9 billion valuation marks a major shift in the scale of India’s digital infrastructure investment.
The public offering raised $3,2 billion and was described as the largest and most sought-after in Indian history. The offering price was 1.119 rupees per share. At the opening of trading, the price reached 1.358 rupees, about $14.
The offering took place on October 21 and 22. Applications were oversubscribed by 22,19 times, with over 13,8 million people applying.
Based on the opening price, Jio was valued at about 12,5 trillion rupees, or $131,9 billion. It became the second-largest publicly traded company in India, after its parent, Reliance Industries, which is valued at about 16 trillion rupees, or $168,6 billion. In 2020, when Meta and Google invested in Jio, its value had reached 4,91 trillion rupees, or about $65 billion at the time.
Jio entered the Indian telecom market in 2016 with free data and low prices. It won customers from Bharti Airtel and Vodafone Idea, as well as state-owned BSNL. Today, it is India's largest telecom provider. Akash Ambani, CEO of Jio Platforms and the eldest son of Mukesh Ambani, said the company's platforms serve more than 540 million customers.
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Jio's prices are now generally in line with those of its competitors. The company has also expanded into broadband and services that provide remote computing power and storage over the internet. It is also working on artificial intelligence. Akash Ambani has said he wants Jio to become a global technology company.
For the fiscal year ended March 2026, Jio had a profit of 300,5 billion rupees, about $3,2 billion, and revenue of 1,47 trillion rupees, about $15,5 billion. Both figures were up about 15% from a year earlier. In the June quarter, revenue rose nearly 12% and profit 9%.
The company plans to use up to 275 billion rupees of the IPO proceeds to repay debt at its subsidiary Reliance Jio Infocomm. The rest will be used for general corporate purposes. As of June 30, Jio's total debt was 613,7 billion rupees, or about $6,5 billion.
Meta, then known as Facebook, invested $5,7 billion in Jio in 2020, while Google invested $4,5 billion. Jio investors also include General Atlantic, Silver Lake and Vista Equity Partners. None of the existing investors sold shares in the public offering; all shares offered were new.
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