Jio jumps 21% in market debut, dethrones Bharti Airtel as largest telecom player by m-cap
Jio Platforms Ltd listed at ₹1,358 a share on Wednesday, representing a 21.36% premium over its allotment price of ₹1,119 and implying a market cap addition of over ₹2.20 trillion ($26.4 billion) at the opening bell.
The listing, which followed India’s largest initial public offering (IPO) to date, elevated Reliance's digital and telecommunications unit to a total market capitalization of ₹12.50 trillion.
That valuation positions Jio Platforms as India's second-most-valuable listed company, trailing only its parent, Reliance Industries Ltd ( ₹16.15 trillion), and establishes it as India’s largest listed telecom operator by market capitalization.
Jio's strong debut sets it apart from previous mega-listings like those of Life Insurance Corp. of India and Hyundai Motor India Ltd., which opened flat or at a discount under the weight of oversized share sales.
Mint reported on 20 October how Jio Platforms was aggressively targeting retail buyers through marketing campaigns and short-term financing programs via non-bank entities.
"India is a nation of 1.5 billion aspirations and Jio understands them," Akash Ambani, managing director of Jio Platforms, said at the company's listing ceremony at the National Stock Exchange of India.
"In our first 10 years, we democratized data, bringing hundreds of millions into digital life. In the next 10, we want to democratize every technology that can transform Indian lives: AI, cloud, connected devices, connectivity even from space and digital services not yet imagined," he added.
Opening bell
Reliance Industries chairman Mukesh Ambani was also present at the listing venue, with wife Nita Ambani. After months of investor roadshows that were led by Akash Ambani and sister and non-executive director Isha Ambani, this marked the first time the billionaire father was seen associating with the IPO since August 2025, when the timeline for the listing was first announced.
The ceremonial listing bell was rung at 10:00 AM by Akash and Isha Ambani. NSE chief executive Ashishkumar Chauhan, Mukesh and Nita Ambani, Anant Ambani, matriarch Kokilaben, Akash's wife Shloka and their two children, Isha's husband Anand Piramal and their two children were also present.
Premium perch
On trading desks across Mumbai on Wednesday, order-matching terminals recorded heavy buy-side queues absorbing profit-taking volume, even as the benchmark BSE Sensex index traded 1% lower. As of 10:40 am, buy-side orders made up nearly 93% of the traded volume on NSE.
Jio Platform's market debut follows a ₹30,213 crore public issue that was subscribed 21.36 times at close, anchored by allocations to global sovereign funds and domestic asset managers.
At current valuation levels, Jio Platforms trades at a premium to established peer Bharti Airtel Ltd. Shares of parent company Reliance Industries slipped 1.56% to ₹1,177.50 during initial matching as capital adjusted across holding structures.
Earlier on Wednesday, brokerages including Motila Oswal Financial Services and Elara Capital initiated coverage on the stock, both with a ‘buy’ rating and one-year target prices of ₹1,350 and ₹1,367 per share, respectively.
"Our overall enterprise value for JPL stands at around ₹12.8 trillion. After factoring in JPL's net debt and IPO proceeds, we arrive at an equity value of ₹12.4 trillion," the Motilal analysts wrote in their report.
The brokerage said it was modelling in a compounded annual growth rate of 14%,15% and 20% in Jio Platforms' consolidated revenue, reported Ebitda and profit, respectively, over FY26-29, driven by “robust subscriber net additions, the flow-through of around 15% tariff hikes from March 2027, continued acceleration in the home broadband subscriber base, and the scaling up of digital platform offerings”.