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Reliance Industries’ digital arm ends its blockbuster listing day with a 27% gain over the issue price of Rs 1,119, emerging as India’s second-most valuable listed company after its parent.
Jio Platforms made a blockbuster stock market debut on Wednesday, October 28, with shares ending their first trading session at Rs 1,418, up 26.72 per cent from the issue price of Rs 1,119. The strong debut propelled the company’s market capitalisation beyond Rs 13 lakh crore, making it India’s second-most valuable listed company after its parent, Reliance Industries.
The stock opened at Rs 1,358, a premium of 21.36 per cent over the issue price, before extending its gains through the session. Shares crossed the Rs 1,400 mark during intraday trading, reflecting strong investor interest in the telecom and digital services giant.
The listing marks a major milestone for India’s primary market, with Jio Platforms’ Rs 30,213-crore initial public offering (IPO) emerging as one of the country’s most closely watched market events.
Rs 7 lakh crore in bids as Jio IPO sets records
The Jio Platforms IPO attracted total bids worth more than ₹7 lakh crore, including demand from anchor investors and public market participants. The issue was subscribed 22.19 times, underscoring strong investor appetite for the company’s digital and telecom businesses.
The offering received around 1.34 crore applications, while the number of shareholders reached approximately 79.8 lakh. The issue was fully subscribed within about 100 minutes, highlighting the scale of demand for the Reliance-backed company.
More from BusinessInstitutional investors led the subscription, with the qualified institutional buyers (QIB) category witnessing particularly strong demand. Retail investors also submitted bids worth more than Rs 25,000 crore during the three-day subscription period.
The IPO’s demand surpassed the Rs 4.4 lakh crore in bids received by LG Electronics India, according to the reported figures, making Jio Platforms one of the most sought-after Indian public offerings in recent decades.
Rs 17,369 crore worth of shares traded
Trading activity remained elevated on the debut day as investors assessed the company’s valuation and growth prospects.
According to exchange data cited during the session, Jio Platforms recorded a traded volume of approximately 1,278.04 lakh shares, with a traded value of Rs 17,369.31 crore. Around 82.56 per cent of the traded quantity was marked for delivery, indicating that a substantial proportion of the shares traded were designated for delivery rather than being squared off within the session.
The company’s market capitalisation had crossed Rs 12.5 lakh crore by midday before moving beyond Rs 13 lakh crore as the stock extended its gains.
Analysts see growth potential in tariffs and digital services
Market participants identified average revenue per user (ARPU), telecom tariff increases and the monetisation of digital services as key factors that could determine Jio Platforms’ performance following its listing.
Motilal Oswal Financial Services initiated coverage on the company with a ‘Buy’ rating and a target price of Rs 1,350. The brokerage cited Jio’s market leadership, its potential influence over industry tariffs and its limited free float as factors supporting a valuation premium.
The brokerage also expects smartphone tariffs to rise by around 15% from March 2027, citing recent pricing actions by Jio and Bharti Airtel. The possible discontinuation of unlimited 5G plans could provide an additional boost to ARPU.
However, the brokerage’s target price of Rs 1,350 was already below the stock’s closing price of Rs 1,418 on debut day, highlighting the importance of evaluating the valuation alongside the company’s growth prospects.
Jio’s digital ecosystem could unlock further value
Beyond telecom connectivity, Jio Platforms has built a broader digital ecosystem spanning broadband, home connectivity, gaming, music and other digital services. Its ambitions in areas such as cloud and satellite connectivity could create additional opportunities for growth and monetisation.
Market experts have also pointed to the potential for Jio’s technology stack and digital services to expand into international markets, including Latin America.
The listing could have implications for the broader telecom sector, particularly in how investors value Jio Platforms relative to Bharti Airtel. Analysts have highlighted the need to track monetisation, tariff increases and the returns generated from Jio’s expanding digital portfolio.
For Reliance Industries, the successful listing represents a major step in unlocking the value of its digital and telecom businesses. For investors, the next phase will depend on whether Jio Platforms can translate its strong market position, subscriber base and expanding digital ecosystem into sustained revenue and earnings growth.
The 27 per cent debut-day gain has set a high benchmark for the newly listed company. Sustaining that momentum will depend on financial performance, competitive dynamics and the pace at which its digital businesses generate value beyond connectivity.
(Disclosure: Firstpost is a part of the Network18 Group. Network18 is controlled by Independent Media Trust, of which Reliance Industries is the sole beneficiary.)
