Jio Platforms closes 27% above offer price in Mumbai debut

Jio Platforms, the telecoms and digital business of Mukesh Ambani’s Reliance Industries, closed its Mumbai stock-market debut on October 28, 2026, at ₹1,417.5 a share. That was about 27% above its ₹1,119 offer price.

The debut followed a US$3.2 billion initial public offering (IPO), a sale of shares to public investors. For investors allotted shares at the offer price, the close represented an increase in market value of ₹298.5 a share.

Jio’s market value and ranking in India

Reuters said Jio’s valuation of about US$137 billion made it India’s second-largest listed company by market capitalisation—the total market value of its shares. Jio overtook telecoms company Bharti Airtel and HDFC Bank, leaving only its parent, Reliance Industries, ahead.

Reuters also put the broader Reliance group’s combined market capitalisation at US$320 billion after the listing, surpassing Tata Group, which includes several listed companies. The listing advances Ambani’s plan to expand Reliance from oil and chemicals into consumer products and technology.

Analysis

Earnings, spending and debt repayment

Aishvarya Dadheech, founder of Fident Asset Management, said the offer price provided an entry point, while the listing price reflected much greater optimism. Kranthi Bathini, equity strategist at WealthMills Securities, said revenue and earnings would drive Jio shares after the debut.

Several brokerages saw scope for further gains but flagged competition, heavy capital spending and changes to India’s telecoms rules. Those rules include spectrum—the radio frequencies mobile networks use—as well as licensing and fees.