Jio Platforms Surges to $144B, Becomes India’s No. 2 Firm

WHO:

Bloomberg - Jio Platforms Ltd. is an Indian telecom and digital services company.

CNBC - Mukesh Ambani is Reliance Industries’ chairman and the owner of India’s two most valued companies following Jio Platforms’ listing.

CNBC - Reliance Industries, Ambani’s flagship company and India’s most valued company, owns more than 64% of Jio Platforms after its IPO.

CNBC - Anurag Singh, founder and managing partner of U.S.-based Ansid Capital, said Jio had wiped out nearly 300 billion rupees of debt with just 3% share dilution.

CNBC - Meta and Google back Jio Platforms.

CNBC - Analysts said Jio’s free cash flow is expected to improve significantly, while cautioning that much of its value may already be reflected in its listing gains.

WHAT:

Bloomberg - Jio Platforms added almost $36 billion in market value in two trading sessions, reaching a $144 billion market capitalization, up from its approximately $108 billion IPO valuation.

CNBC - Jio Platforms’ shares opened 3.3% higher on the day after its market debut.

CNBC - Jio listed at a premium of more than 25% to its IPO price, giving it a market capitalization of 13.05 trillion rupees ($137.1 billion).

CNBC - Singh said Jio’s market capitalization placed it alongside U.S. telecom companies AT&T and Verizon Communications.

CNBC - LSEG data put AT&T’s market capitalization at $139 billion and Verizon’s at $179 billion.

CNBC - Ambani became emotional as his three children described building Jio and pledged to create value for investors over the next 50 years.

WHERE:

CNBC - Jio Platforms’ stock debut ceremony took place at the NSE exchange hall in Bandra-Kurla Complex, Mumbai, India.

WHY:

CNBC - Analysts said IPO proceeds would be used to repay legacy telecom debt and that Jio’s slowing 5G investment cycle could improve free cash flow.

HOW:

CNBC - Jio’s IPO raised funds and involved 3% share dilution; the proceeds were intended to repay legacy telecom debt.

(UPDATED October 29, 2026 12:09 UTC)

Jio Platforms has added nearly $36 billion in market value in two trading sessions, reaching a valuation of about $144 billion after its shares debuted at a premium of more than 25% to the IPO price. Reliance Industries, chaired by Mukesh Ambani, retains more than 64% of the Indian telecom and digital services company, while the IPO raised funds with just 3% share dilution to help repay legacy telecom debt. Analysts expect Jio’s free cash flow to improve as its 5G investment cycle slows, though they caution that much of the expected value may already be reflected in its listing gains.