Jio Platforms opens 21% higher, becomes India's second most valuable firm

Jio Platforms, the digital and telecom arm of Reliance Industries, made its stock market debut on Wednesday, October 28, 2026, with its shares opening at Rs 1,358 on both the National Stock Exchange and BSE. That was 21.36 per cent above the initial public offering price of Rs 1,119, the top of the Rs 1,065 to Rs 1,119 price band. In early trade the company's market value on BSE was about Rs 12.50 lakh crore, making it the second most valuable listed company in India after its parent, Reliance Industries, according to exchange data reported on the day. Shortly after 10 am the stock was trading around its opening level, at Rs 1,357 on the NSE.

The listing completes India's largest-ever share sale and gives investors direct ownership of the business that runs Reliance Jio, the country's biggest mobile operator, along with its broadband and digital services. Until now, investors could only get exposure to Jio indirectly by buying Reliance shares. A separately traded Jio lets the market put its own price on the telecom and digital business.

A 21 per cent listing premium on an issue of this size is significant. The grey market, an informal and unregulated market where IPO shares trade before listing, had pointed to a premium of about 22 per cent in the days before the debut, and the opening price came close to that. For retail investors who were allotted shares, the listing delivered an immediate paper gain of Rs 239 per share at the opening price.

The flat trading after the open suggests that much of the good news was already priced in at listing. Over the coming weeks, the share price will depend on Jio's quarterly results, its ability to raise average revenue per user through tariff increases, and its growth in home broadband and enterprise services.

The fall in Reliance's own share price on listing day reflects a familiar pattern. When a subsidiary lists, some investors who held the parent as a way to own the subsidiary switch directly into the new shares. Reliance still owns a controlling stake in Jio Platforms, so its value remains tied to Jio's performance.

Short-term: Allotted investors can book gains or hold, and index providers and fund managers will now consider how much Jio Platforms to hold given its size. Trading volumes in Jio and Reliance are likely to stay high.

Long-term: Jio becomes one of the largest companies by market value in Indian indices, which will influence index funds and how foreign investors gain exposure to India's telecom and digital economy.

Who is affected: Investors who applied in the IPO, Reliance Industries shareholders, mutual funds and index funds, Jio's competitors in telecom, and the stock exchanges that handled the record issue.

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