Mumbai woke up to a new number two on Wednesday. Jio Platforms, the digital and telecom arm of Reliance Industries, began trading on the stock exchanges at Rs 1,358 a share, a premium of 21.36 percent over its issue price of Rs 1,119. Within minutes of the opening bell, the company was worth about Rs 12.5 lakh crore, ahead of Bharti Airtel and behind only its parent, Reliance Industries.
It was the debut the market had been waiting for all month. Jio Platforms had just closed India’s largest ever initial public offering, a Rs 30,213 crore issue subscribed 22.19 times. Total demand crossed Rs 7.4 lakh crore, and applications approached 1.39 crore. On the first day of bidding, the issue was fully subscribed within 100 minutes.
The stock touched around Rs 1,374 in early trade and was still trading near Rs 1,368 in the first hour. A retail investor who had applied for one lot of 12 shares at the issue price was sitting on a listing gain of Rs 2,868, while the wider market fell, with the Sensex down more than 600 points as crude oil pushed past 115 dollars a barrel.
India’s second most valuable company, on day one
The market capitalisation table reshuffled in a single session. Reliance Industries stayed at the top at about Rs 15.89 lakh crore, followed by Jio Platforms at Rs 12.50 lakh crore. Bharti Airtel stood at Rs 12.05 lakh crore, with HDFC Bank and ICICI Bank behind it. Together, Reliance Industries and Jio Platforms were worth about Rs 28.4 lakh crore. Reliance Industries holds a 66.4 percent stake in Jio Platforms.
That ranking is not built on a promise alone. Jio runs India’s largest wireless network, with more than 530 million subscribers, and has pushed beyond mobile connectivity into home broadband, cloud, enterprise services and artificial intelligence. The listing gives that business a standalone market price for the first time.
What the IPO itself looked like
The offer was a fresh issue of 27 crore shares, priced in a band of Rs 1,065 to Rs 1,119, with no offer for sale component. Ahead of the public issue, Jio Platforms raised around Rs 8,110 crore from 212 anchor investors on October 19, allotting shares at Rs 1,119, the top end of the price band. The public issue opened on October 21 and closed on October 23.
Demand was led by institutions, but retail interest was unusually strong for an issue of this size. For the company, the more important number may be the shareholder base it now carries into its next phase.
Akash Ambani: democratise every technology
At the listing ceremony in Mumbai, Akash Ambani, managing director of Jio Platforms, called the debut the start of a second decade for the company. “In our first 10 years, we democratised data,” he said. “In our next 10, we want to democratise every technology that can transform Indian lives.”
He listed artificial intelligence, cloud, connected devices and connectivity from space among the areas Jio wants to build in. Analysts are now expected to judge the stock less as a telecom operator adding subscribers, and more as a digital platform trying to earn more from each customer it already has. Nomura initiated coverage on Wednesday, noting that shift.
Why the debut stood out in a weak market
The Sensex tumbled 601.14 points to 72,997.55 in early trade, while the Nifty fell 146 points to 22,604.80, dragged by IT stocks, rising crude prices and caution ahead of the Federal Reserve decision. Infosys, HCLTech, Tech Mahindra and TCS were among the biggest laggards.
Jio Platforms went the other way on a weak day for the wider market, underlining a familiar split: broad caution on global risks, selective enthusiasm for companies with a clear story of their own.
For Jio, the test now moves from listing day to the quarters ahead. The company must show that its push into AI, cloud and enterprise services can grow revenue faster than the mature telecom business. Those who stay invested will be watching average revenue per user, broadband additions and the new digital businesses, quarter by quarter.
Wednesday belonged to the debut itself: a 21 percent premium, a Rs 12.5 lakh crore valuation, and a new second-ranked company on Dalal Street.
FAQs
At what price did Jio Platforms list?
Jio Platforms listed at Rs 1,358 on both the BSE and the NSE on Wednesday, October 28, 2026, a premium of 21.36 percent over its IPO price of Rs 1,119.
How big was the Jio Platforms IPO?
The IPO was worth Rs 30,213 crore and was subscribed 22.19 times. It was a fresh issue of 27 crore shares, priced between Rs 1,065 and Rs 1,119.
What is Jio Platforms worth after listing?
At the listing price, Jio Platforms was valued at about Rs 12.5 lakh crore, making it India’s second most valuable listed company, behind Reliance Industries and ahead of Bharti Airtel.
How many subscribers does Jio have?
Jio has more than 530 million subscribers, India’s largest wireless operator. Most revenue still comes from telecom, with digital, cloud and AI businesses growing alongside.
What did investors gain on listing day?
An investor who applied for one lot of 12 shares at Rs 1,119 booked a listing gain of Rs 2,868 at the opening price of Rs 1,358. The stock touched around Rs 1,374 in early trade.
Reporting on market prices in this article reflects early trade on October 28, 2026. Prices move through the session.
