Jio starts Mumbai trading after record $3.2 billion India IPO
What's new: The deal drew $77 billion in bids, and grey-market pricing pointed to an opening gain of about 22%.
Jio Platforms began trading in Mumbai on Wednesday after raising $3.2 billion in India’s most-subscribed IPO on record. The telecom and digital unit of Reliance Industries was valued at as much as $108.3 billion, a size that could place it among India’s largest listed companies by market value. Backed by Meta and Alphabet’s Google, Jio serves more than 530 million customers. The debut advances Mukesh Ambani’s push to remake Reliance from an oil-and-chemicals group into a broader consumer and technology company. India has logged 246 listings in 2026, the most by deal count globally, though total proceeds of $13.5 billion trail the United States, mainland China and Hong Kong, LSEG data showed.