Jio Platforms Lists At 21.36% Premium After India’s Largest IPO

Shares of Jio Platforms, the telecom and digital services arm of Reliance Industries, listed at ₹1,358 apiece on the BSE and the NSE, a 21.36% premium to the issue price of ₹1,119.

The debut gave the company a market capitalisation of ₹12.5 Lakh Cr (about $131 Bn) as against the ₹10.3 Lakh Cr (about $108 Bn) capitalisation at the issue price.

The listing follows India’s largest IPO, which was subscribed 22.19X when bidding closed on October 23. Jio Platforms had set a price band of ₹1,065-₹1,119 per share for the ₹30,213 Cr offering.

The IPO comprised a fresh issue of up to 27 Cr equity shares, with no offer-for-sale component.

Ahead of the public issue, Jio Platforms raised ₹8,109.8 Cr from anchor investors by allotting about 7.25 Cr shares at ₹1,119 apiece. Participants included HDFC Mutual Fund, ICICI Prudential Mutual Fund, SBI Mutual Fund, BlackRock, the Government of Singapore, and Abu Dhabi Investment Authority.

Jio plans to use ₹27,500 Cr from the IPO proceeds to prepay certain borrowings of its telecom subsidiary, Reliance Jio Infocomm (RJIL), with the remaining proceeds earmarked for general corporate purposes.

The debt repayment makes the offering partly a balance sheet exercise, while its growth prospects depend on expanding beyond telecom connectivity into broadband, cloud services, enterprise solutions, and AI.

RJIL had 533.3 Mn customers as of June 30, 2026, while Jio’s network carried around 60% of India’s wireless data traffic in FY26. During the quarter, Jio’s average revenue per user (ARPU) rose 3.26% to ₹215.60 compared with ₹208.80 a year earlier. Monthly data consumption also increased to 43.7 GB per customer from 37 GB.

This comes as the company has been working on extracting revenue from customers beyond its mobile connectivity offerings. Jio’s fixed broadband customer base grew from 11.2 Mn in March 2024 to 28.6 Mn in June 2026, including 14 Mn JioAirFiber customers, giving it an avenue to deepen household engagement. 

On the financial front, Jio Platforms’ operating revenue rose nearly 15% YoY to ₹1.47 Lakh Cr in FY26, while net profit increased 15.1% to ₹30,049 Cr.

Earlier today, Motilal Oswal initiated coverage on Jio Platforms with a ‘BUY’ rating, setting a target price of ₹1,350 per share. The brokerage expects Jio to sustain its leadership in wireless connectivity and home broadband, while expanding its digital services business across cloud, enterprise communications, IoT and managed services.

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