Jio Platforms made a blockbuster stock market debut, listing at a 21.4% premium over its IPO price of ₹1,119 at ₹1,358 on the NSE. With a market capitalisation of around ₹12.6 lakh crore, it became India's second-most valuable listed company after parent Reliance Industries, overtaking Bharti Airtel. The debut also made Jio India's largest listed telecom company, placing it ahead of major players such as TCS, SBI, Bajaj Finance, Larsen & Toubro and Life Insurance Corporation of India. Jio Platforms has now joined a select group of only four companies globally to achieve an equity valuation exceeding $100 billion at IPO time, joining Meta ($104 billion), Alibaba ($168 billion), and SpaceX ($1.77 trillion). The listing represents the strongest opening by a newly listed Indian company in terms of market capitalisation, according to listing information.
The ₹30,213-crore IPO attracted bids worth around ₹7.4 lakh crore, including demand from anchor investors, and received a record 1.34 crore applications, making it India's fastest-subscribed mega IPO. The issue was fully subscribed within 95 minutes of opening, with investor participation spanning institutional investors, high-net-worth individuals, retail investors, employees and existing Reliance Industries shareholders. Qualified institutional buyers placed bids worth ₹3.87 lakh crore, while the high-net-worth individual category attracted ₹57,000 crore in bids. Retail investors bid for ₹26,000 crore, existing shareholders placed bids worth ₹19,000 crore, and employees bid for ₹1,450 crore. For investors allotted the minimum lot of 23 shares under the shareholder category, the listing price translated into a gain of ₹5,497 over the IPO allotment price. The scale of demand came despite volatility in global equity markets and continued foreign selling in Indian equities, underscoring investor interest in the telecom and digital services business.
The valuation response from analysts was overwhelmingly positive on the first day of trading. Nomura initiated coverage with a Buy rating and a target price of ₹1,340, implying about 19.7% upside from the IPO price. Motilal Oswal initiated coverage with a Buy rating and a target price of ₹1,350, implying 21% upside. Elara Securities initiated coverage with a Buy rating and a target price of ₹1,367, implying 22% upside from the issue price. The convergence of these three reports is significant because analysts broadly identify the same drivers: tariff increases, subscriber additions, home broadband expansion, digital-services monetisation and a decline in capital expenditure intensity. Nomura expects a roughly 15% industry-wide tariff increase in November-December 2026 and estimates Jio Platforms' EBITDA will grow at about 13.5% annually between fiscal 2026 and fiscal 2029. Motilal Oswal expects a tariff increase of about 15% from March 2027 and estimates that Jio Platforms' consolidated revenue, EBITDA and profit will grow at compound annual rates of 14%, 15% and 20%, respectively, between fiscal 2026 and fiscal 2029.
According to latest valuation estimates, Jio Platforms' projected market capitalisation stands at approximately ₹12.6 lakh crore, potentially exceeding Bharti Airtel's valuation by around ₹25,700 crore. This would position Jio immediately behind its parent company, Reliance Industries, which is projected to remain India's most valuable company with an estimated market capitalisation of ₹16.19 lakh crore. The projections suggest that Jio could take second place, followed by Bharti Airtel at ₹12.35 lakh crore. HDFC Bank, valued at approximately ₹10.49 lakh crore, and ICICI Bank, at around ₹9.96 lakh crore, could occupy the fourth and fifth positions respectively. Following the listing, the Reliance Group has also become India's largest listed business group by aggregate listed market capitalisation, with Reliance Group's combined market capitalisation reaching ₹28.9 lakh crore, overtaking Tata Group's ₹25.6 lakh crore. Reliance Industries and Jio Platforms together commanded a market value of around ₹28.7 lakh crore, making them India's two most valuable listed companies.
According to CNBC TV18, Dipan Mehta, Director of Elixir Equities, expects Jio Platforms to evolve beyond telecom into a broader consumer-facing technology company over the next four to five years. The company is anticipated to capitalise on opportunities in artificial intelligence (AI), robotics, autonomous driving and data centers. Mehta described the Reliance Group's approach as "growth is a way of life," highlighting their ability to sustain growth across generations. He believes Jio's digital infrastructure could help it benefit from emerging technologies, although he cautioned that rapid technological change makes long-term forecasts difficult. The company's evolution beyond traditional telecom services into technology sectors could significantly enhance its valuation potential.
As reported by CNBC TV18, Piyush Pandey, Senior Vice President at Centrum India, expects telecom companies to deliver revenue growth of around 12% over the next three to five years, alongside margin improvement. He anticipates earnings per share growth of around 15-16%, supported by periodic tariff increases of 10-12% every two to two-and-a-half years. The next tariff increase could come by February-March, providing a potential near-term trigger for earnings. Since telecom companies have relatively low variable costs, a ₹10 tariff increase could add around ₹7-8 to EBITDA. However, Pandey noted that Jio Platforms' valuation will also depend on how investors assess its technology opportunities beyond telecom.
