Jio Platforms' ₹30,188-crore initial public offering made its stock market debut on Wednesday, October 28, 2026, with shares listed on both the National Stock Exchange (NSE) and BSE at 10:00 AM. According to latest reports, the shares underwent a special pre-open session from 9:00 AM to 10:00 AM to determine the equilibrium opening price through order matching. The IPO carried a price band of ₹1,065 to ₹1,119 per share and comprised an entirely fresh issue of 27 crore equity shares, with no offer for sale component. At the upper end of the price band, the issue implied a market capitalisation of around ₹10.3 lakh crore. The company fixed the final issue price at ₹1,119 per share, the upper end of its price band, as reported by CNBC TV18. The minimum application size is 12 shares, making the minimum investment approximately ₹13,428 at the upper band.
The ₹30,188-crore IPO recorded an overwhelming response with 22.19 times overall subscription, getting fully booked within the subscription window from October 21-23, 2026. According to The Economic Times, the public book attracted bids worth more than ₹4.9 lakh crore, while the anchor book attracted interest of ₹2.5 lakh crore. The issue surpassed Hyundai Motor India's ₹27,870 crore offering to become India's biggest-ever public issue in capital market history. The IPO attracted more than 1.38 crore applications, setting a new reported record for investor applications and surpassing the previous Indian record of 97.33 lakh applications. Jio raised ₹8,110 crore through its anchor allocation with institutional investors including BlackRock, Fidelity and Life Insurance Corporation of India participating. Qualified institutional buyers (QIBs) led the demand, subscribing to their reserved portion 70.55 times, while the non-institutional investor category was subscribed 14 times and the retail portion received bids for 2.72 times the shares reserved for it. The issue was also fully subscribed within 100 minutes of opening on the first day.
The grey market premium (GMP) for Jio Platforms' IPO stood at ₹248 per share on the listing day, indicating an estimated listing price of ₹1,367 per share and translating to a potential 22.16% gain over the upper price band. As reported by NDTV Profit, this translates into potential listing gains of around ₹2,950 for investors allotted one lot of 12 shares. The unofficial premium suggests strong buying interest ahead of the debut, though actual listing gains will depend on demand during the opening session. The GMP has shown volatility in recent sessions, standing at ₹273 on October 20, ₹240 on October 22, ₹250 on October 23, ₹245 on October 26, and ₹248 on October 27. According to Business Standard, the shares traded at a premium of about 22% on the grey market late on Tuesday, according to ipowatch.in and investorgain.com platforms. If the grey-market premium carries through to Wednesday, it would make Jio India's second-most valuable listed company after parent Reliance Industries Ltd, pushing rival Bharti Airtel Ltd into third place.
According to The Economic Times, Jio demonstrated consistent growth with revenue and profit after tax growing at compound annual growth rates of around 16% and 18% respectively between FY24 and FY26. For FY26, the company reported revenue from operations of ₹1.47 lakh crore and profit after tax of ₹30,049 crore, with EBITDA margin standing at 51.91%. The company enters the market with a subscriber base of more than 53 crore and a nationwide 5G network. At a listing premium of 22%, Jio's implied market cap could reach nearly ₹12.6 lakh crore. At the final issue price of ₹1,119 per share, the company is valued at about 15 times fiscal 2026 enterprise value to EBITDA on a post-issue basis, as noted by Geojit Investments Ltd. Geojit said the premium is supported by Jio's market leadership, improving monetisation and strong cash generation. Cloud computing, artificial intelligence, enterprise solutions, entertainment, digital platforms and fixed broadband could provide additional earnings drivers over the medium to long term.
Isha Ambani recalled Dhirubhai Ambani as someone who trusted ordinary Indians with his dreams, crediting Jio's focus on customer value for its reported earnings. Speaking at the listing ceremony, she said her grandfather believed everyone deserved a share in India's growth and invited ordinary families to support his vision through their savings and dreams. According to LiveMint, Isha thanked investors for believing in Jio and supporting its future, saying the family accepted their faith with gratitude, humility and responsibility. She noted that Jio had earned about $15.5 billion in revenue this year and put its real earnings at about $8 billion, crediting Jio's approach to her father's belief in creating genuine customer value. Akash Ambani expressed gratitude to investors and said the company aimed to grow with them, noting that the response to the IPO had surpassed expectations. Mukesh Ambani appeared tearful during the ceremony, while Anant Ambani remembered Dhirubhai's modest beginnings from Chorwad to Jamnagar and later to Jio. Anant traced the family's dreams from humble circumstances to the present success, emphasizing that Dhirubhai's example showed that humble circumstances need not limit a person's hopes. Speaking at the listing ceremony, Akash Ambani pledged to take Jio to greater heights, saying the responsibility of the next generation of Ambanis is not just to preserve what they have inherited, but to make Jio bigger, better and more meaningful for India. He said the company's ambition is a digital society with Jio Platforms at its core, where connectivity, computing and intelligence work together seamlessly, and vowed to democratise technology with the potential to transform Indian lives over the next ten years, including connectivity from space.
