Jio shares jump 21 per cent in India's largest-ever IPO

Share jump on Wednesday

21 %

Jio Platforms raised US$3.2 billion in its stock market debut in Mumbai. It is now valued at US$131.5 billion, second in India only to its parent, Reliance Industries.

Jio launched in 2016 by offering mobile data free for months, and passed 100 million subscribers in its first 170 days. In three years it was India's largest operator by subscribers, and it now serves more than 530 million customers.

Researchers found Jio's entry cut average telecom revenue per subscriber by 42.8 per cent, and seven of the 10 incumbent operators later exited through bankruptcy or merger. Jio, Airtel and Vodafone Idea now control more than 92 per cent of the market.

What's next

Jio is considering a low-Earth-orbit satellite to deliver internet, which would put it in direct competition with Starlink. Starlink has struggled for years to secure a licence to operate in India.