Jio Platforms shares rose 21% in their Mumbai debut on Wednesday, 28 October 2026, giving India its largest ever initial public offering a strong first day of trading. The stock opened at 1,358 rupees a share, compared with an offer price of 1,119 rupees. Reuters reported the opening price and the gain in its account of the listing. The debut placed the company second by market value in India, behind its parent, Reliance Industries. At the opening price, Jio was valued at about 131.52 billion dollars. That value put it ahead of Bharti Airtel and HDFC Bank in market capitalisation terms.
Mukesh Ambani, his wife Nita Ambani, and their children attended the listing ceremony at the National Stock Exchange in Mumbai. Akash Ambani, the eldest son and managing director of the company, was present with Isha Ambani and Anant Ambani. The family rang the IPO bell on stage. Reuters reported that Mukesh Ambani was seen in tears as Anant Ambani spoke about the legacies of Reliance and the telecoms unit. Major Indian newspapers on Wednesday carried front page advertisements from Reliance Jio with the words “Thank you, India.”
The listing was the first for Reliance Industries in two decades, according to Reuters. It also marked a step in Mukesh Ambani’s plan to widen Reliance from an oil and chemicals group into a company spanning consumer goods and technology. The telecoms business serves more than 530 million customers, Reuters reported. Meta Platforms and Alphabet’s Google are backers of the digital and telecoms unit. Those links place the company at the centre of India’s online market, where phone users form a large share of internet traffic.
Jio listing and market value
The offer raised 3.2 billion dollars, making it India’s biggest IPO to date. Before trading began, the grey market premium for the shares pointed to a gain of about 22%. The grey market is an unregulated market in which investors trade shares before a formal listing. Its premium is an unofficial guide to demand and does not set the opening price. In this case, the opening gain of 21% was close to that guide. A separate listing notice from BSE recorded the issue price at 1,119 rupees a share and gave Jio the symbol JPL and scrip code 545004.
The public issue comprised up to 270 million new shares, according to a report on the listing. At the upper issue price of 1,119 rupees, the maximum issue size worked out to 30,213 crore rupees. That total passed the previous record set by Hyundai Motor India in 2024. Demand for the shares arrived fast. Reuters reported that bids covered the shares on offer in under two hours on the first day of the sale. By the end of that day, the book was subscribed 3.16 times.
Jio customers and parent company
The Jio telecoms arm is the best known part of the group for most Indian households. It entered the mobile market with low cost data plans and built a customer base that now exceeds 530 million, according to Reuters. That scale gives it a large share of India’s mobile subscribers. It also supports its other digital services, which include streaming, payments and retail links through Reliance group companies.
Reliance Industries remains the largest company in India by market capitalisation, ahead of its newly listed unit. The gap between the two companies reflects the size of the parent group’s energy and retail operations. The listing does not change the parent group’s control of the unit, but it does put a separate daily price on the digital business. Analysts and investors will now track that price as a direct measure of how the market values the telecoms and digital operations.
What the debut means for India listings
India’s IPO market has been busy in recent months, and the size of this offer set it apart from other deals. A Jio sale of 3.2 billion dollars needs broad demand from institutions and retail buyers. The subscription level on the first day and the grey market premium both pointed to that demand before the listing. The opening gain confirmed it on the first morning of trading.
The Jio debut also gives other large Indian companies a recent reference point for pricing a listing. A strong first day can encourage firms to proceed with sales, while a weak debut can push them to wait. For now, the first day numbers stand as the main evidence. Jio stock opened at 1,358 rupees, the offer price was 1,119 rupees, and the market value at the open was about 131.52 billion dollars. Those three figures will anchor coverage of the listing in the days ahead.