Story perspectives

Jio Platforms IPO soars 27% on Mumbai debut

By Drooid · Oct 28, 2026 · How we work

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Summary

Jio Platforms surged 27% on its Mumbai debut, opening at 1,358 rupees, 21% above the issue price.
The company raised 302 billion rupees ($3.2 billion), the country’s largest-ever IPO.
The offering was subscribed 22.19 times, with qualified institutional buyers bidding 70.55 times.
Jio’s market capitalisation reached about 13 trillion rupees ($137 billion), making it India’s second-most valuable listed firm.
Managing director Akash Ambani said Jio will democratise AI, cloud, devices and satellite connectivity.

Summary

Digital services made up 12 % of FY26 revenue and are projected to reach 16 % by FY29.
Fixed-broadband users should rise from 27 million in FY26 to 66 million by FY29, driven by AirFiber.
ARPU is forecast to climb from Rs 214 in FY26 to Rs 257 in FY29, a 6 % CAGR.
Regulators may impose spectrum charges on Jio’s unlicensed-band radio technology, creating a cost risk.

History

The 1999 New Telecom Policy ended BSNL’s monopoly on landlines, opening the market to private operators and spurring rapid sector growth. Decades later, the government’s 2019 revival package injected 1.64 lakh crore rupees into BSNL, while Jio Platforms’ 2024 IPO underscores the private sector’s dominant role; BSNL now operates over 6.83 lakh km of fiber, illustrating the infrastructure legacy the reforms target.

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The 1999 New Telecom Policy ended BSNL’s monopoly on landlines, opening the market to private operators and spurring rapid sector growth. Decades later, the government’s 2019 revival package injected 1.64 lakh crore rupees into BSNL, while Jio Platforms’ 2024 IPO underscores the private sector’s dominant role; BSNL now operates over 6.83 lakh km of fiber, illustrating the infrastructure legacy the reforms target.

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