Jio Platforms set for market debut following record initial public offering

Jio Platforms Ltd. is set to debut on the stock market on Wednesday after a record-breaking initial public offering, pitting billionaire Mukesh Ambani's telecom giant against a negative trend for India's mega deals in a challenging market environment.

Offering Details

The company raised $3.1 billion at 1,119 rupees a share in an offering subscribed more than 22 times, giving it a market value of about $107 billion. The shares traded at a premium of about 22% on the gray market late on Tuesday, according to the ipowatch.in and investorgain.com platforms. Jio's IPO was fully subscribed within 100 minutes of opening, according to BSE Ltd. data, attracting more than $78 billion of bids and nearly 14 million applications.

Market Context

Despite the strong demand, history points to a potentially rocky debut as the country's biggest listings have frequently stumbled out of the gate. The four IPOs that raised at least $2 billion this decade posted a weighted-average decline of 9.9% on their first day. At 1,119 rupees a share, the company is valued at about 15 times fiscal 2026 enterprise value to Ebitda on a post-issue basis, implying a premium to industry peers, according to Geojit Investments Ltd.

Context

Large stock market listings by major corporations often attract immense retail and institutional interest, though massive valuations can sometimes face pressures during broader equity market volatility. Jio operates as a major part of Reliance Industries Ltd., positioning itself across both telecom and digital technology sectors.