Shares of Mukesh Ambani-led Jio Platforms made a spectacular stock market debut on Wednesday, October 28, listing at a premium of more than 21 per cent and commanding a valuation of approximately $131.5 billion (Rs 12.5 lakh-crore).
The stock opened at Rs 1,358 on the National Stock Exchange (NSE) and BSE, against its initial public offering (IPO) price of Rs 1,119, delivering an immediate gain of Rs 239 per share, or 21.36 per cent, to investors.
The blockbuster debut made Jio Platforms India's second-most valuable listed company after parent Reliance Industries, surpassing Bharti Airtel and HDFC Bank.
The listing followed India's largest-ever IPO, through which Jio raised approximately Rs 30,213 crore ($3.2 billion). The public issue, which opened on October 21 and closed on October 23, was subscribed 22.19 times, reflecting strong investor appetite, particularly among institutional investors.
The grey-market premium had indicated listing gains of approximately 22 per cent, largely in line with the actual debut. In early trading, Jio shares touched Rs 1,375 before retreating towards the listing price, reflecting some profit-booking following the strong opening.
The listing marked Reliance Industries' first stock market debut of a group company in two decades and another milestone in Mukesh Ambani's transformation of the conglomerate from an oil-and-petrochemicals giant into a diversified technology and consumer business.
Mukesh Ambani, wife Nita Ambani and their children Akash, Isha and Anant attended the bell-ringing ceremony at the NSE in Mumbai.
Akash Ambani, Jio Platforms' managing director, described the listing as the beginning of a new chapter rather than the completion of the company's journey.
With more than 53 crore telecom subscribers, Jio is among the world's largest mobile operators. The company also counts global technology giants Meta and Google's parent Alphabet among its investors.
Brokerages remain optimistic about Jio's growth prospects, supported by its dominant telecom position, potential tariff increases and expansion into digital services.
However, analysts caution that intense competition, substantial capital expenditure and possible changes in spectrum, licensing and telecom regulations could influence future earnings.
Nomura has initiated coverage with a 'Buy' rating and a target price of Rs 1,340, while Motilal Oswal has assigned a target of Rs 1,350.
With its IPO success, Jio has strengthened India's position as a leading global market for public offerings. The focus now shifts from listing-day gains to the company's ability to deliver sustained earnings growth and justify its premium valuation.