Wire reporting: (Reuters, via CNA)

Jio Platforms Ltd., the telecom and digital unit of Mukesh Ambani's Reliance Industries, opened more than 21% above its initial public offering price in Mumbai on Wednesday after what several outlets called India's largest IPO^1,2,7.

CNBC said shares rose 21.4% on the debut after Jio sold 270 million shares at 1,119 rupees each, raising 302 billion rupees ($3.2 billion) in an offer oversubscribed 22 times¹. TechCrunch and Times of India said the stock opened at 1,358 rupees, valuing the company at about 12.5 trillion rupees, or about $132 billion, making it India's second-most valuable listed company after Reliance^2,7.

Bloomberg, carried by The National, later said the shares closed 27% higher at 1,417.50 rupees, valuing Jio at $137 billion, and put the IPO proceeds at $3.1 billion³. Channel News Asia, carrying Reuters, had said before the open that the deal was valued at up to $108.3 billion and that grey-market trading pointed to a gain of about 22%⁸.

TechCrunch said the Oct. 21-22 offer drew bids of more than $77 billion from more than 13.8 million applicants and was subscribed 22.19 times². The National put bids above $78 billion and applications near 14 million³. Times of India said bids surpassed 7.4 lakh crore rupees⁷. CNBC reported that managing director Akash Ambani said the IPO was fully subscribed within 95 minutes of opening¹.

Jio is backed by Meta and Alphabet's Google, which TechCrunch said invested $5.7 billion and $4.5 billion respectively in 2020, when the company was valued at up to about $65 billion^2,8. TechCrunch said those investors did not sell; the IPO consisted of newly issued shares². Channel News Asia said Jio serves more than 530 million customers; Akash Ambani said at the listing that platforms serve more than 540 million, according to TechCrunch^2,8.

TechCrunch said Jio reported 300.5 billion rupees in profit on 1.47 trillion rupees of revenue in the fiscal year ended March 2026, and planned to use up to 275 billion rupees of IPO proceeds to repay debt at Reliance Jio Infocomm². Channel News Asia said the listing furthers Ambani's plan to broaden Reliance from oil and chemicals into consumer and technology businesses⁸.

The National said Reliance, which holds about two-thirds of Jio, fell 3.2% at the close, and that the combined Ambani group overtook Tata as India's most valuable conglomerate³. It said India's previous largest IPOs this decade have often fallen on debut, and quoted investor Shankar Sharma calling the listing "a bumper listing and highly welcome in the current market situation"³.

Nomura initiated coverage with a buy rating and a 1,340-rupee target, The National reported, while other analysts cited competition, capital spending, telecom-rule changes, and a valuation approaching large U.S. carriers despite smaller revenue^3,8. What the stock does after the first session, and whether the listing changes broader Indian equity sentiment, is not established in these reports³.