Key points
- Jio shares close 26.7% above their IPO price
- Jio becomes India's second-most valuable listed company
- Meta's Jio stake is worth about $13.3 billion
Jio Platforms shares closed their first day of trading at 1,417.50 rupees on October 28, up 26.68% from their IPO price of 1,119 rupees. The stock opened at 1,358 rupees on both the National Stock Exchange of India and the BSE, then climbed to a high of 1,423.90 rupees.
The close valued Jio at about 13.05 trillion rupees ($137.1 billion), according to NSE data. That made the telecom and digital business India's second-most valuable listed company, The Tribune reported. Jio is controlled by Mukesh Ambani's Reliance Industries.
Jio raised about 302.1 billion rupees ($3.17 billion) by selling 270 million new shares. That makes it India's largest IPO by rupee value, ahead of Hyundai Motor India's 278.7 billion-rupee offering in October 2024. Hyundai's offering was larger in dollar terms, at about $3.3 billion at the exchange rate at the time.
Institutions bid for 70 times their allocation
The offering drew bids for 22.19 times the shares available. Qualified institutional buyers bid for 70.55 times their portion, while retail investors bid for 2.72 times theirs, The Tribune reported.
Before public bidding opened, Jio allocated 81.1 billion rupees of the offering to 212 anchor investors at the same 1,119-rupee price, as we reported on October 20.
Jio plans to use up to 275 billion rupees of the proceeds to pay down borrowings at its mobile carrier, Reliance Jio Infocomm, according to its prospectus.
Meta and Google held on to every share
The IPO was made up only of new shares, so no existing shareholder sold. That includes Meta Platforms (META) and Alphabet's Google (GOOGL), which bought into Jio in 2020.
Before the IPO, Meta's Jaadhu Holdings owned 892,275,913 Jio shares, or 9.98%, and Google International owned 690,854,775 shares, or 7.73%, according to the prospectus. The new shares cut those stakes to about 9.69% and 7.50%, by our calculations.
At Wednesday's close, Meta's stake was worth about 1.26 trillion rupees ($13.3 billion), and Google's about 979.3 billion rupees ($10.3 billion), by our calculations. Google bought its shares in November 2020 at 488.34 rupees each, the prospectus shows. The stock closed at about 2.9 times that price.
Reliance still owns most of Jio
Reliance held 66.43% of Jio before the offering. With the 270 million new shares, its stake comes to about 64.48%, by our calculations, which leaves Reliance in control of the company.
The listing is the first IPO from a Reliance company since Reliance Petroleum in 2006. Jio's mobile carrier had 533.3 million customers at the end of June, according to the prospectus.
Rupee figures are converted at 95.22 rupees to the dollar, the Yahoo Finance rate on October 28, 2026, except where a past exchange rate is noted.
