Jio Platforms IPO Listing: Record-Breaking Issue Debuts at 21.36% Premium

Mumbai: Jio Platforms made a strong stock market debut on Wednesday, October 28, with its shares listing at ₹1,358 apiece, a premium of 21.36% over the initial public offering (IPO) price of ₹1,119. The listing valued the telecom and digital services company at around ₹12.5 lakh crore, making it India’s second-most valuable listed company after Reliance Industries Ltd (RIL).

At around 10:02 am, Jio Platforms shares were trading at ₹1,359.10 on the National Stock Exchange (NSE), up ₹240.10, or 21.46%, over the issue price. The strong debut also made Jio Platforms the country’s most valuable listed telecom company by market capitalisation, surpassing Bharti Airtel.

The company’s ₹30,188-crore IPO was the largest public issue in India by size, surpassing Hyundai Motor India’s ₹27,870-crore IPO in 2024. The issue comprised 27 crore fresh shares, with no offer-for-sale (OFS) component, meaning the proceeds will go to the company rather than existing shareholders.

Jio Platforms plans to use up to ₹27,500 crore of the proceeds to repay or prepay borrowings of its subsidiary, Reliance Jio Infocomm Ltd. The remaining funds will be used for general corporate purposes.

The listing ceremony at the NSE was attended by members of the Ambani family and senior company executives. Akash Ambani, chairman of Reliance Jio Infocomm, highlighted the company’s growth from an idea into a digital services business serving more than 540 million customers.

“Today, our homegrown platforms serve more than 540 million customers,” Akash Ambani said, recalling the company’s early days when it had no customers or revenue but aimed to make affordable, world-class technology accessible to every Indian.

He also expressed gratitude to domestic and international institutional investors, promising to take Jio to greater heights of growth.

Isha Ambani, speaking at the ceremony, recalled her grandfather Dhirubhai Ambani’s belief that ordinary Indians should have an opportunity to participate in the country’s economic growth. She thanked investors for their confidence in the company and said Jio accepted their trust with gratitude and a sense of responsibility.

Anant Ambani also expressed gratitude, describing business as a form of worship and comparing the ringing of the stock exchange bell to a temple bell.

Jio Platforms’ listing marks a significant milestone for Reliance Industries as its telecom and digital services business enters the public markets as a separately listed entity. The debut also strengthens the Reliance Group’s combined market value, taking it ahead of the Tata Group in aggregate listed market capitalisation, according to figures reported during the trading session.

The IPO was offered in a price band of ₹1,065 to ₹1,119 per share, with the final issue price fixed at ₹1,119. A retail lot comprised 12 shares, requiring a minimum investment of ₹13,428 at the upper end of the price band.

At the listing price of ₹1,358, retail investors allotted the minimum lot of 12 shares recorded a notional gain of ₹2,868. Investors allotted 23 shares under the shareholder category gained ₹5,497, while high-net-worth individual investors allotted 180 shares recorded a gain of ₹43,020.

These gains are based on the listing price and exclude brokerage charges, taxes and other transaction costs. The stock’s subsequent performance will determine whether it can sustain its listing gains through the trading session.