Jio Platforms Ltd, the Reliance Industries company that owns Reliance Jio Infocomm, began trading on the NSE and BSE on 28 October 2026. Shares opened at ₹1,358, 21.36% above the IPO price of ₹1,119, and closed at ₹1,417.50 on the NSE. At that close, NSE data put Jio's market value at ₹13,05,380.12 crore.
That made Jio the second most valuable listed company in India, behind its parent Reliance Industries, and pushed Bharti Airtel to third place. This article covers the listing-day numbers, the final subscription data from the NSE, and what the company's prospectus says about its business, finances and risks.
Jio Platforms listing day at a glance
- Listing date: 28 October 2026 (NSE and BSE; NSE symbol JPL)
- IPO price: ₹1,119 per share (top of the ₹1,065–₹1,119 price band)
- Opening price: ₹1,358 on the NSE, a premium of 21.36% over the IPO price
- Day's high / low (NSE): ₹1,423.90 / ₹1,357.00
- Closing price (NSE): ₹1,417.50, about 26.7% above the IPO price
- Market capitalisation at close (NSE): ₹13,05,380.12 crore
- Traded value on the NSE: ₹24,276.24 crore
- Deliverable to traded quantity (NSE): 68.56%
The stock rose on a day when the broader market fell: the Nifty 50 closed at 22,698.85, down 0.22%.
How Jio now compares with Airtel and Reliance
With a closing market value of over ₹13 lakh crore, Jio Platforms moved ahead of Bharti Airtel and became the second most valuable listed company in India, after Reliance Industries. As reported by Mint, this pushed Airtel to third place.
The listing also changed the conglomerate rankings. According to Mint, the combined market value of listed Reliance group companies crossed ₹30.2 lakh crore on the day, ahead of the listed Tata group companies at ₹25.3 lakh crore.
Reliance Industries' own shares fell 3.19% to ₹1,158 on the listing day, as reported by Mint. Analysts quoted in the report linked the fall to a holding company discount. Before a subsidiary lists, its full value is reflected in the parent's share price. Once the subsidiary trades on its own, investors who want exposure can buy it directly, so the market often values the parent's stake at a discount.
Jio IPO subscription: the final NSE numbers
The issue was open from 21 to 23 October 2026. The consolidated bid data published by the NSE (bids on NSE and BSE, updated as of 23 October 2026, 7:00 PM) shows the issue was subscribed 22.19 times overall. Category-wise:
- Qualified Institutional Buyers (QIBs): 70.55 times
- Non-Institutional Investors (NIIs): 14.00 times
- Bids above ₹10 lakh: 15.89 times
- Bids of ₹2 lakh to ₹10 lakh: 10.22 times
- Retail Individual Investors: 2.72 times
- RIL shareholders' quota: 7.60 times
- Employees: 2.93 times
In total, investors bid for 4,38,26,15,568 shares against 19,75,25,934 shares on offer (the offer excludes shares already allotted to anchor investors).
Before the issue opened, the company allotted 7,24,74,066 shares to anchor investors at ₹1,119 each, raising about ₹8,109.85 crore.
Note: some reports quoted a different final subscription figure. This article uses the NSE's consolidated bid data, which is the exchange's own record.
IPO structure: a fresh issue to cut debt
- Issue type: fresh issue of up to 27 crore equity shares of face value ₹10 each. There was no offer for sale, so existing shareholders did not sell any shares.
- Issue size: about ₹30,213 crore (27 crore shares at the IPO price of ₹1,119). Mint described it as India's largest public share sale.
- Lot size: 12 shares (₹13,428 at the IPO price)
- Employee discount: ₹54 per share
- Use of money: according to the Red Herring Prospectus (RHP), the net proceeds go towards prepaying, in full or in part, certain borrowings of Reliance Jio Infocomm Ltd (RJIL), and general corporate purposes.
Because the money came from new shares, Reliance Industries' stake fell. The RHP shows RIL holding 66.43% before the issue. The shareholding pattern filed with the NSE as of 27 October 2026 shows the promoter and promoter group at 64.48% and the public at 35.52%.
Other large shareholders before the IPO, as listed in the RHP, include Jaadhu Holdings LLC (an affiliate of Meta Platforms) with 9.98% and Google International LLC with 7.73%.
What the business looks like: key numbers from the RHP
Customers and usage
- 533.3 million customers served by RJIL as of 30 June 2026, including 284.9 million 5G customers
- ARPU (average revenue per user): ₹215.6 per month in the quarter ended 30 June 2026, up from ₹208.8 a year earlier
- Data use: 43.7 GB per customer per month in the June 2026 quarter
- Home broadband: 28.6 million JioFiber and JioAirFiber customers as of 30 June 2026
- About 60% of India's wireless data traffic was carried on Jio's network in FY26, according to the Analysys Mason report cited in the RHP
Financials (consolidated, restated)
- Revenue from operations, FY26: ₹1,46,885.3 crore (FY25: ₹1,28,218.4 crore)
- EBITDA, FY26: ₹76,255.4 crore, an EBITDA margin of 51.91%
- Profit after tax, FY26: ₹30,049.1 crore (FY25: ₹26,109.0 crore)
- June 2026 quarter: revenue ₹39,172.9 crore and profit after tax ₹7,764.1 crore
- Total borrowings: ₹70,781.0 crore at 31 March 2026 and ₹61,372.2 crore at 30 June 2026
- Net leverage: 0.36x in FY26, down from 0.88x in FY24
RJIL, the telecom licence holder, accounted for 87.74% of Jio Platforms' consolidated revenue from operations in FY26. The rest comes from digital services such as apps, content, devices and enterprise solutions.
Risks the company itself highlights
The RHP lists its top internal risk factors. Some that matter most for a shareholder:
- Licence and spectrum: RJIL's telecom licence and spectrum are critical. Failing to renew them or win spectrum in auctions could hurt the business.
- One distributor for pre-paid plans: Reliance Retail Ltd is the sole distributor of Jio's pre-paid connectivity services, which made up 77.08% of consolidated revenue from operations in FY26.
- Dependence on one subsidiary: most revenue, EBITDA and profit come from RJIL, so any weakness there affects the whole company.
- Related-party arrangements: the company has many agreements with Reliance Industries, Reliance Retail and other group entities.
- Shared brand: the "Jio" brand is also used by other Reliance group entities.
What analysts and the market said
According to Mint, two brokerages, Motilal Oswal Financial Services and Elara Capital, started coverage on the listing day with 'buy' ratings and one-year target prices of ₹1,350 and ₹1,367 a share. Both targets are below the ₹1,417.50 closing price.
Mint also reported that the NSE placed Jio Platforms in Group 1 (highly liquid) securities, and brokers began offering margin trading on the stock.
A strong first day does not show how the stock will do over time. Listing-day prices reflect short-term demand, including investors who did not get an allotment. Over the long term, the share price will depend on Jio's earnings, tariffs, competition and capital spending.
Want the pre-IPO details?
For the IPO dates, price band, shareholder quota and how to apply, see our earlier guide: Jio IPO 2026: Date, Price Band, Issue Size, Shareholder Quota & Everything Investors Need to Know.
Frequently Asked Questions
When did Jio Platforms list on the stock market?
Jio Platforms listed on the NSE and BSE on 28 October 2026. Its NSE symbol is JPL.
What was the Jio Platforms listing price?
The shares opened at ₹1,358 on the NSE, 21.36% above the IPO price of ₹1,119.
Where did Jio shares close on listing day?
Jio closed at ₹1,417.50 on the NSE, about 26.7% above the IPO price. The day's high was ₹1,423.90 and the low was ₹1,357.
How many times was the Jio IPO subscribed?
According to the NSE's consolidated bid data, the IPO was subscribed 22.19 times overall: QIBs 70.55 times, NIIs 14.00 times, retail investors 2.72 times, RIL shareholders 7.60 times and employees 2.93 times.
What is Jio Platforms' market cap after listing?
At the close on 28 October 2026, the NSE showed a total market capitalisation of ₹13,05,380.12 crore. This made Jio India's second most valuable listed company, after Reliance Industries and ahead of Bharti Airtel.
Did Reliance Industries sell shares in the IPO?
No. The IPO was entirely a fresh issue of new shares, with no offer for sale. Reliance's stake fell because new shares were issued: the promoter and promoter group held 64.48% as of 27 October 2026, according to the NSE shareholding pattern.
How will Jio use the IPO money?
According to the RHP, the net proceeds go towards prepaying, in full or in part, certain borrowings of its subsidiary Reliance Jio Infocomm Ltd, and general corporate purposes.
How many customers does Jio have?
According to the RHP, RJIL served 533.3 million customers as of 30 June 2026, including 284.9 million 5G customers.
Disclaimer: This article is for information only and is not investment advice or a recommendation to buy, sell or hold any security. Investments in securities market are subject to market risks. Read all the related documents carefully before investing. Past performance is not indicative of future returns.
