Published: October 28, 2026
StartupFeed Quick Take
- Jio Platforms listed at Rs 1,358 on the BSE and NSE on October 28, a 21.36% premium over the Rs 1,119 issue price.
- The debut lifted the company’s value to Rs 12.5 lakh crore, from Rs 10.3 lakh crore at the issue price.
- Its Rs 30,213 crore IPO, India’s largest, closed 22.19 times subscribed on October 23.
Jio Platforms shares opened at Rs 1,358 in Mumbai on October 28, a 21.36% premium over the Rs 1,119 issue price of India’s largest IPO.
The listing added about Rs 2.2 lakh crore to Jio Platforms’ value in a single day. The company was worth Rs 10.3 lakh crore at the issue price and Rs 12.5 lakh crore at Rs 1,358.
At the issue price, the company was already set to rank among India’s four most valuable listed firms.
The Rs 239 gain a share held only at the open. Jio Platforms then slipped below its listing price during the session, holding near 21% above the issue price.
Demand had set records before the debut. Exchange data show the Rs 30,213 crore issue closed 22.19 times subscribed, on bids worth about Rs 7.4 lakh crore. Institutions led: the qualified buyers’ portion was booked 70.55 times, while retail investors bid 2.72 times.
| Item | Figure |
|---|---|
| Issue price | Rs 1,119 a share |
| Debut price | Rs 1,358 a share |
| Listing gain | Rs 239 a share (21.36%) |
| Issue size | Rs 30,213 crore |
| Subscription | 22.19 times |
| Value on debut | Rs 12.5 lakh crore |
Where the Rs 30,213 Crore Will Go
Jio Platforms houses Reliance’s telecom and digital businesses, with Akash Ambani as managing director.
The offer was a fresh issue of 27 crore shares, with no stake sold by existing owners. The company will keep all the money raised.
The company plans to use Rs 27,500 crore of it to repay borrowings at Reliance Jio Infocomm, its telecom arm. The rest is for general corporate needs. That makes the IPO partly a debt-cutting exercise.
Reliance Industries still holds about 66% of Jio Platforms after the listing. Meta and Google together own close to 18%.
At Rs 30,213 crore, the issue is India’s largest, past Hyundai Motor India’s 2024 sale of about Rs 27,870 crore. It is also the first public issue from Reliance in 20 years.
Before the issue opened, Jio Platforms raised Rs 8,109.85 crore from 212 anchor investors at Rs 1,119 a share. LIC took the biggest anchor slice, worth nearly Rs 500 crore.
Mukesh Ambani, chairman of Reliance Industries, had framed the listing as a personal milestone when he announced it in June.
“This is a deeply emotional moment for me, for the entire Reliance Family, and millions of its shareholders.”
Mukesh Ambani, chairman, Reliance Industries. From Reliance’s IPO announcement, June 2026.
What Jio Platforms Earns and Who Uses It
Jio Platforms earned an operating revenue of Rs 1.47 lakh crore in FY26, up about 15% from a year earlier. Net profit rose 15.1% to Rs 30,049 crore.
At the issue price, that put the stock at about 33 times earnings, with a return on net worth of 9.42%.
Most of that money comes from telecom. Reliance Jio Infocomm had 533.3 million customers at the end of June. It carried about 60% of India’s wireless data traffic in FY26.
Average revenue per user rose 3.26% to Rs 215.60 over the year. The company is now pushing past phone plans into broadband, cloud, enterprise services and AI.
Its fixed broadband base grew to 28.6 million in June, from 11.2 million in March 2024, including 14 million on JioAirFiber. Monthly data use per customer climbed to 43.7 GB, from 37 GB a year earlier.
On listing day, Motilal Oswal began covering Jio Platforms with a buy call and a target of Rs 1,350 a share. That sits just below where the stock opened.
How India’s Biggest Share Sale Came Together
Jio Platforms opened the issue on October 21 and closed it on October 23, at a price band of Rs 1,065 to Rs 1,119. Retail investors could bid for a minimum lot of 12 shares, or Rs 13,428 at the top price.
The book filled fast. The issue was fully covered within about 100 minutes of opening, and finished 22.19 times subscribed. Anchor demand alone topped Rs 2.5 lakh crore, which bankers called a first for an Indian IPO.
Big global funds anchored the sale. The Abu Dhabi Investment Authority, the Government of Singapore, BlackRock and Norges Bank were among the 212 anchor investors. Kotak Mahindra Capital and Morgan Stanley led a group of 19 banks on the issue.
Reliance kept Rs 2,500 crore of the issue for its own shareholders and Rs 500 crore for employees, who got a Rs 54 discount a share. Jio Platforms filed its draft prospectus in June and cleared SEBI in August.
What this means for you: If you were allotted Jio Platforms shares, you are sitting on a listing-day gain of about 21%, though the stock has already drifted from its open. If you hold Reliance Industries stock, this listing now gives the market a separate, daily price for its telecom and digital business.
StartupFeed Insight
The headline is the 21% pop, but the number that matters is Rs 27,500 crore. Most of what Jio Platforms raised goes straight to paying down telecom debt, not into new growth bets. So the listing cleans up the balance sheet more than it funds the next phase. The real test is whether broadband, cloud and AI can lift the share of revenue that does not come from phone plans. Telecom still brings in close to 90% of it. Watch the December quarter results, due around late January 2027: the first set as a listed company will show whether that mix is actually shifting.
By Avinash Mishra, Business Correspondent
Have a tip? Write to us at editorial@startupfeed.in.
Disclaimer: This article is for information only and is not investment advice. StartupFeed and its authors are not SEBI-registered investment advisors. Please speak to a SEBI-registered advisor before investing.
Liked this story? Follow StartupFeed on Google so our reporting reaches you first.
