Jio Platforms, the telecom and digital services arm of Reliance Industries controlled by billionaire Mukesh Ambani, completed India's largest initial public offering by raising approximately $3.2 billion.

The offering of fresh shares priced at the top of its band at ₹1,119 each attracted bids totaling more than $77 billion and over 13.8 million applications. It was subscribed 22.19 times overall, setting new records for subscription levels and participation in the Indian market.

Shares began trading on the National Stock Exchange and Bombay Stock Exchange on Wednesday and surged 21 percent to open at ₹1,358. The debut valued the company at roughly ₹12.5 trillion, or about $132 billion, making it India's second-most valuable listed firm after its parent Reliance Industries.

The IPO surpassed the previous record set by Hyundai Motor India's offering in 2024. All proceeds from the ₹30,213 crore issue will support debt reduction at the company's telecom subsidiary, Reliance Jio Infocomm, which carried borrowings of about ₹613.7 billion as of June.

Jio reported revenue of ₹1.47 trillion and profit of ₹300.5 billion in the fiscal year ended March 2026. The company has expanded rapidly since launching services in 2016 and counts investments from Meta and Google among its backers.

The strong response reflects broad confidence in India's private sector and digital economy. Institutional investors, including anchor participants such as BlackRock and Fidelity, drove much of the demand alongside retail applicants.

Trading opened amid mixed broader market sentiment, with the benchmark Sensex declining slightly. Analysts have initiated coverage with buy ratings, citing Jio's market leadership in wireless and broadband services along with improving cash flow prospects after major 5G investments.