Jio IPO Makes A Power-Packed Debut, Lists At 21% Premium

Jio Platforms shares made a strong debut on the stock exchanges on October 28, 2026, listing at Rs 1,358 on both the BSE and the NSE, a premium of 21.36 per cent over the issue price of Rs 1,119. The listing price was Rs 239 higher than the issue price, broadly in-line with grey market expectations.

Ahead of listing, the grey market premium (GMP) of Jio Platforms’ initial public offering (IPO) stood at Rs 248, implying an expected listing price of Rs 1,367, or a gain of 22.16 per cent over the issue price.

The listing comes after strong demand for the company's Rs 30,188 crore IPO, which was subscribed 21.36 times by the close of bidding on October 23, according to the exchange data. The issue attracted nearly 13.86 million applications.

The qualified institutional buyers (QIB) category led demand, with its portion subscribed 67.15 times. The non-institutional investor (NII) segment was subscribed 13.99 times, while the retail investor portion received bids for 2.76 times the shares reserved for the category. The shareholder quota was subscribed 7.59 times and the employee portion 2.91 times.

Jio Platforms had fixed the issue price at Rs 1,119 per share, the upper end of its price band of Rs 1,065-1,119. The lot size was 12 shares, requiring a minimum investment of Rs 13,428 for retail investors.

India's Largest IPO

The Rs 30,188 crore offering is India's largest IPO by issue size, surpassing Hyundai Motor India's Rs 27,870 crore issue in 2024. It is also the country's largest IPO comprising entirely fresh shares, with the company issuing 270 million new shares.

Unlike an offer for sale, in which existing shareholders sell their holdings, a fresh issue brings funds into the company. Jio Platforms' IPO did not include an offer for sale by its parent, Reliance Industries, or strategic investors Meta and Google.

The issue was fully subscribed in less than 100 minutes after bidding opened on October 21, making it the fastest mega IPO to reach full subscription. The exchanges also extended their daily bidding windows to accommodate the heavy flow of applications, accepting bids from 9 AM to 7 PM during the three-day issue period.

The IPO attracted bids worth around Rs 7.4 lakh crore, including demand from anchor investors. The anchor book alone raised Rs 8,109.85 crore, with foreign portfolio investors, mutual funds and insurance companies accounting for a significant share of the allocation.

Jio Platforms Valuation, Objectives

At the issue price of Rs 1,119, Jio Platforms had an estimated post-issue market capitalisation of around Rs 10.30 lakh crore. The valuation at listing surged to Rs 12.51 lakh crore.

The company plans to use Rs 27,500 crore of the IPO proceeds to prepay or repay borrowings of its material subsidiary, Reliance Jio Infocomm. It has earmarked Rs 2,217.90 crore for general corporate purposes and Rs 469.70 crore for issue expenses.

Jio Platforms operates across digital connectivity, consumer applications, enterprise solutions, cloud services, the Internet of Things and artificial intelligence. Its subsidiary, Reliance Jio Infocomm, had 533.3 million customers as of June 30, 2026.

Jio Platforms Financial Performance

For the financial year ended March 2026, Jio Platforms reported total income of Rs 1,49,759.10 crore and profit after tax (PAT) of Rs 30,052.70 crore, compared with Rs 1,29,333 crore and Rs 26,120.30 crore, respectively, in the previous financial year. Earnings before interest, tax, depreciation and amortisation (Ebitda) rose to Rs 76,255.40 crore from Rs 64,170 crore.

For the June 2026 quarter, revenue from operations stood at Rs 39,173 crore, compared with Rs 35,032 crore in the year-ago quarter. PAT increased to Rs 7,764 crore from Rs 7,110 crore.