Jio Platforms made its stock market debut on Wednesday, 28 October, listing at Rs 1,358 per share on both the BSE and the NSE, against an issue price of Rs 1,119, a premium of 21.36 percent, according to The Tribune. The price put the company's market capitalisation at about Rs 12.5 lakh crore, which made it the second most valuable company in India and the country's largest telecom firm. The Rs 30,213 crore offer, the largest in India's history, was an entirely fresh issue of 27 crore shares, open from 21 to 23 October and priced at the upper end of a band of Rs 1,065 to Rs 1,119. Anant Ambani spoke at the listing ceremony and thanked the Indian public. The debut was widely watched as a test of appetite for large offers in a weak market.
The case that the debut was strong starts with demand. The Tribune reports that the offer was subscribed 22.19 times overall, with the qualified institutional buyer portion subscribed 70.55 times. Business Today reported that the company's net profit was Rs 7,764.10 crore in the June quarter and Rs 30,052.70 crore for 2025-26, on revenue of Rs 1,49,759.10 crore for the year. Systematix Institutional Equities put the valuation at the upper band at about Rs 10.30 lakh crore, or 33.3 times earnings per share for 2025-26, which it said was about a 19 percent discount to its valuation of the consolidated Reliance Industries. Brokerages cited market leadership, the potential for higher average revenue per user, 5G and broadband growth and cash flow, and YES Securities recommended subscribing.
The case for caution begins with how large offers have behaved on their first day. HDFC Sky's review shows that LIC, with its Rs 20,557 crore offer in 2022, fell 9 percent on debut, that Paytm's Rs 18,300 crore offer in 2021 also fell 9 percent, and that Hyundai Motor India's Rs 27,859 crore offer in October 2024 listed at a 1 percent discount. Jio's gain of 21.36 percent was below the grey market premium of Rs 270 to Rs 280 a share, or about 25 percent, reported by Business Today during bidding, and one report said the stock slipped to Rs 1,357 on the NSE shortly after opening. Retail investors subscribed only 2.72 times, far below the institutions. Business Today lists dependence on tariff increases, regulatory uncertainty, heavy capital spending and competition as risks.
The listing matters because of the market it arrived in. Foreign investors had pulled a record $27.8 billion out of Indian equities in 2026 by 1 October, according to The Week, and the Sensex and Nifty only recently ended an eight-week losing streak. A listing that holds its gains would show that domestic and global institutions will still pay for scale, which could encourage other large companies to bring their offers. A listing that fades would feed the argument that big issues are priced too fully. For the 2.72 times subscribed retail portion, the first weeks of trading will be the real result.
Jio's debut was a clear success on day one, with a gain larger than recent giants, but a market value of Rs 12.5 lakh crore leaves little room for disappointment.
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