Jio shares jump 21% in their market debut after India's biggest IPO

Raised in the IPO

3.2 US$ billion

Jio Platforms raised US$3.2 billion in India's largest IPO, which drew more than US$77 billion in investor bids.

Shares opened at ₹1,358 against an IPO price of ₹1,119, valuing Jio at about ₹12.5 trillion (US$131.9 billion). That makes it India's second most valuable listed company after its parent, Reliance Industries.

The offering was subscribed 22.19 times, the most for an Indian stock offering on record, with more than 13.8 million applicants.

Where the money goes

• Up to ₹275 billion to repay debt
• The rest to general corporate purposes
• No existing investor sold shares

Jio plans to use up to ₹275 billion to repay debt, and none of its existing investors, including Meta and Google, sold shares.