Reliance Industries reported gross proceeds of ₹30,188 crore, about $3.2 billion, from Jio Platforms’ IPO. The company’s shares began trading on Oct. 28 after a decade of expansion in India’s telecom sector.
The offering consisted of as many as 270 million newly issued shares at ₹1,119 apiece. No existing shareholders sold shares, according to Reliance Industries’ Oct. 24 filing. National Stock Exchange of India (NSE) data showed Jio shares closed at ₹1,417.50 on Oct. 28, 26.7% above the offer price, after opening at ₹1,358.
Reuters reported that the closing market value was about $137.31 billion, putting Jio behind only parent Reliance Industries among Indian listed companies. The close followed the debut valuation covered in EconoTimes’ earlier report on Jio’s market value.
Reliance began Jio services on Sept. 5, 2016, with an introductory offer that provided service at no cost through Dec. 31. At the company’s 2017 annual meeting, Reliance Industries Chairman Mukesh Ambani said Jio had passed 100 million customers in less than six months. Reliance reported 542.4 million Jio customers as of Sept. 30, 2026. Its digital services span areas including entertainment, commerce, communications, financial services and education, the company says.
Jio Platforms’ prospectus lists debt repayment at its subsidiary Reliance Jio Infocomm Limited and broader corporate needs as uses for the net proceeds.
Jio’s expansion unfolded amid changes in telecom prices and competition. A 2026 study by Prakash Gurumurti Vhankade in Telecommunications Policy estimated that average monthly industry revenue per user fell 42.8%, from ₹124.85 in 2016 to ₹71.39 in 2019. The study’s data through the first quarter of 2025 put market concentration 68.3% above its pre-entry average. It found consumers benefited most during the price-war period, while consumer surplus was lowest after market concentration rose again.
