Jio shares surge 21% in market debut after blockbuster India IPO

Jio, the Indian telecom and digital services unit of Reliance Industries, has debuted as India's second-most valuable listed company after its parent, with a 21% surge in stock price after raising $3.2 billion in its largest and most subscribed IPO. The company, backed by Meta and Google, was valued at ₹12.5 trillion ($131.9 billion) after opening at ₹1,358 ($14) apiece, up from its IPO price of ₹1,119 ($12). The IPO drew bids for 22.19 times the shares on sale, with over 13.8 million people applying, making it India's most subscribed stock offering on record. Jio has grown to become the country's largest telecom operator, with over 540 million customers, and has expanded its business into broadband, cloud services, and AI.