📈Jio Platforms Jumps 21% in India's Biggest IPO Debut Wednesday

Reliance's telecom arm just became India's second-biggest listed company

Jio Platforms just walked into the Indian market like it owns the place. Shares jumped 21% on debut Wednesday after the company raised $3.2 billion in India's largest and most subscribed IPO. Investors threw more than $77 billion in bids at it, and the offering was subscribed 22.19 times. Why should you care? Jio is no longer just a telco. It runs broadband, cloud services, and AI, and it serves more than 540 million customers. If your product touches Indian users, or you're benchmarking cloud and AI pricing in emerging markets, Jio is now a platform you have to track. The catch: its prices are broadly in line with rivals, so the growth story rests on expansion, not undercutting. The numbers: shares opened at ₹1,358 against an IPO price of ₹1,119. The valuation hit about ₹12.5 trillion, roughly $131.9 billion, making it second only to parent Reliance Industries at about ₹16 trillion. In FY2026 Jio earned ₹300.5 billion in profit on ₹1.47 trillion in revenue. Up to ₹275 billion will repay telecom subsidiary debt, which stood at ₹613.7 billion as of June 30. Worth watching: how fast that debt comes down and whether the AI and cloud lines grow faster than the telecom base.