Jio Platforms, the telecom and digital services arm of Reliance Industries, made a strong stock-market debut on Wednesday, October 28, with its shares listing at ₹1,358 apiece on the BSE and NSE. That represents a 21.36% premium over the IPO price of ₹1,119, valuing the company at approximately ₹12.5 lakh crore.
The listing follows Jio Platforms’ ₹30,213 crore initial public offering (IPO), the largest in India’s corporate history. The issue attracted 22.19 times subscription when bidding closed on October 23, with qualified institutional buyers subscribing their allotted portion 70.55 times.
The debut places Jio among India’s most valuable listed companies and marks a major milestone for Reliance Industries’ telecom and digital business.
₹27,500 Crore IPO Proceeds Earmarked for Debt Repayment
Jio Platforms’ IPO comprised a fresh issue of 27 crore equity shares, with no offer-for-sale component. The company plans to use up to ₹27,500 crore of the proceeds to repay or prepay borrowings of its subsidiary, Reliance Jio Infocomm (RJIL). The remaining proceeds are earmarked for general corporate purposes.
Ahead of the public issue, Jio raised approximately ₹8,110 crore from anchor investors, including domestic mutual funds and global institutional investors.
The use of IPO proceeds makes debt reduction a key part of the listing story. While repayment should reduce borrowings at RJIL, investors will also look at the company’s ability to sustain growth and fund its next phase of expansion.
Beyond Telecom: Broadband, Enterprise and AI
Jio’s investment case rests on its large customer base and its efforts to build revenue streams beyond mobile connectivity. RJIL had 524.4 million customers at the end of March 2026, according to the company’s IPO documents.
Jio is expanding in fixed broadband, enterprise technology, cloud services and artificial intelligence. These businesses could help deepen customer relationships and broaden its revenue base, although their contribution will depend on adoption, pricing and execution.
For FY26, Jio Platforms reported operating revenue of approximately ₹1.47 lakh crore, up from ₹1.28 lakh crore in FY25. Net profit rose 15.1% to ₹30,049 crore, while EBITDA reached ₹76,255 crore.
The company’s scale gives it a substantial base from which to expand, but the market will now have more direct visibility into its valuation and performance as a listed entity.
What Investors Will Watch Next
The 21.36% listing premium reflects strong demand for the offering, but the opening price alone does not establish how the stock will perform over the longer term. Investors will need to assess earnings growth, capital expenditure, debt reduction and the returns generated by Jio’s newer businesses.
Jio is led by Akash Ambani and remains a key part of Reliance Industries’ strategy to build a broader consumer and technology business. Its public listing gives investors a direct way to participate in that strategy.
The next phase will be about delivering on the growth opportunity beyond connectivity. Jio’s ability to grow broadband and digital services while maintaining profitability will be central to how the market values the company after its record-breaking debut.
