Jio Platforms Debuts on Indian Exchanges at 21% Premium, Valuing Firm at $131 Billion

Jio Platforms, the digital services arm of Reliance Industries, opened trading on the Bombay Stock Exchange and National Stock Exchange at ₹1,358 per share, a 21.36% premium to its issue price of ₹1,119.

Key takeaways

• Market value: The listing gave Jio Platforms a market capitalisation of roughly ₹12.5 Lakh cr ($131 bn), up from ₹10.3 Lakh cr at the issue price.
• IPO size and pricing: The company offered 27 cr equity shares at a price band of ₹1,065‑₹1,119, raising ₹30,213 cr without an offer‑for‑sale component.
• Anchor investors: Prior to the public issue, Jio Platforms secured ₹8,109.8 cr from anchor investors including HDFC, ICICI Prudential, SBI Mutual Fund, BlackRock, the Singapore government and Abu Dhabi Investment Authority.
• Use of proceeds: About ₹27,500 cr will be used to pre‑pay borrowings of its telecom subsidiary Reliance Jio Infocomm, with the balance earmarked for general corporate purposes.
• Growth metrics: Jio’s broadband base grew to 28.6 mn customers by June 2026, and its wireless network carried around 60% of India’s data traffic.

Listing details and market reaction

The debut follows India’s largest ever IPO, which was subscribed 22.19 times when bidding closed on Oct. 23. Motilal Oswal opened coverage with a “BUY” rating and a target price of ₹1,350, citing Jio’s leadership in wireless and broadband and its push into cloud, enterprise and AI services.

Financial performance

In FY 26, Jio Platforms reported operating revenue of ₹1.47 Lakh cr, up nearly 15% year‑on‑year, and net profit of ₹30,049 cr, a 15.1% increase. Average revenue per user rose 3.26% to ₹215.60, while monthly data consumption grew to 43.7 GB per customer.

Strategic outlook

Beyond debt reduction, the firm aims to expand revenue beyond mobile connectivity into broadband, cloud services, enterprise solutions and artificial intelligence. Its fixed‑line broadband customers rose from 11.2 mn in March 2024 to 28.6 mn in June 2026, including 14 mn JioAirFiber users, providing a platform for deeper household engagement.