Reuters reported that Jio Platforms Limited’s market capitalization was about $131.5 billion after its debut, making it India’s second-largest listed company by market value.
Shares began trading at ₹1,358, 21% above the ₹1,119 offer price. Reuters said Jio’s market value moved ahead of Bharti Airtel and HDFC Bank.
Jio’s telecom business serves more than 530 million customers in India. Meta Platforms and Alphabet’s Google are among Jio Platforms’ backers. Reuters reported that Jio’s subscriber base is second only to China Mobile among operators serving a single country.
National Stock Exchange (NSE) data showed bids for 22.19 times the shares offered in the IPO, as detailed in EconoTimes’ earlier coverage of the subscription results. NSE data showed qualified institutional buyers subscribed 70.55 times their allotted portion, while retail investors subscribed 2.72 times theirs. The offering covered up to 270 million new shares priced from ₹1,065 to ₹1,119. Jio’s prospectus said net proceeds would help repay certain borrowings at Reliance Jio Infocomm and fund general corporate purposes.
The debut is the first listing for the Reliance conglomerate in 20 years. Reuters reported that Reliance Industries Chairman and Managing Director Mukesh Ambani is seeking to expand the group’s consumer products and technology businesses alongside its oil and chemicals operations. The listing makes Jio’s market value separately visible to investors as part of the wider group.
LSEG data showed India had 246 listings in 2026, the most worldwide by deal count. The country ranked fourth in money raised, at $13.5 billion, behind the United States, mainland China and Hong Kong.
Reuters reported that brokerages cited competition, investment needs and changes to telecom rules covering spectrum, licensing and fees as risks for the stock.
