Jio's listing detonates India's IPO market: it raised a record US$4.8 billion in October and reached the top of the world

The Zhitong Finance App learned that, driven by the large-scale listing of Jio Platforms Ltd., India's initial public offering (IPO) financing volume in October set a historical record and became number one in the global IPO market. According to the data, Indian companies raised a total of about 455 billion Indian rupees (about 4.8 billion US dollars) through IPOs in October, the highest level in the country's history in a single month. This scale put India ahead of the US and Hong Kong, China in October — as of Thursday, the US had raised $2.1 billion for the October IPO and $1.5 billion for Hong Kong, China.

From backward to leading: India's IPO market picked up significantly in the second half of the year

This explosive growth marks a sharp reversal in India's financing market. Previously, under the impetus of the listing of companies related to the global artificial intelligence supply chain, IPO activities in other markets were hot, and India lagged behind for a while. However, trading accelerated markedly in the second half of the year, and landmark issuances such as Jio and the National Stock Exchange of India were launched one after another. About 40 companies were listed in India in October, and the number also ranked first in the world, showing that in addition to large-scale transactions, the distribution market has a broad base.

Jio, a telecommunications and digital services company owned by billionaire Mukesh Ambani, was a major contributor to the scale of this funding, and the company raised 302 billion rupees in India's largest IPO in history. Despite the weakness of the overall stock market, the IPO attracted strong demand from institutional and individual investors.

Since this year, Indian companies have raised about US$18.26 billion through IPOs, which is not far from the historical record of US$22.36 billion set in 2025.

Issuance reserves are sufficient, and the Indian IPO market is expected to continue to be active in 2027

India's leading position in the global IPO market was further strengthened by the launch boom in October. Investors' ability to absorb large-scale offerings such as Jio may encourage more wait-and-see companies to speed up their listing plans, thereby hopefully keeping India among the most active markets in the world for issuing new shares in 2027.

At present, about 113 companies have obtained regulatory approval to go public, and another 115 companies have submitted draft prospectus, laying the foundation for the next round of intensive financing.