Jio Platforms opened at 1,358 rupees a share in Mumbai on Wednesday, October 28th, 2026, against an IPO price of 1,119 rupees. PTI, carried by India TV News, put the listing premium at 21.36% on both the BSE and the NSE. Reuters reported the debut valued the company at about $131.52 billion.
That price made Jio Platforms India's second-largest company by market capitalisation, behind its parent Reliance Industries and ahead of Bharti Airtel and HDFC Bank, according to Reuters. It is Reliance's first listing in two decades. Mukesh Ambani marked it with a gala featuring drones and performances near a helipad.
What happened
Reuters and CNBC reported that Jio raised 302 billion rupees ($3.2 billion) by selling 270 million shares at 1,119 rupees each. Bloomberg, carried by ThePrint, described the raise as a record $3.1 billion, and Indian outlets size the issue at Rs 30,213 crore. CNBC reported the offering was India's largest-ever IPO in rupee terms but only the second-largest in dollar terms, trailing Hyundai Motor India's $3.3 billion listing in 2024.
PTI reported the issue closed subscribed 22.19 times, with total demand across the public issue and anchor placement above Rs 7.4 lakh crore and applications approaching 1.39 crore. AFP reported it was 22 times oversubscribed. A separate 16.36-times figure published by HDFC Sky conflicts with the PTI and BSE number.
Why it moved
The facts available do not explain the size of the opening pop beyond the demand figures above, and outlets do not agree on the size of the first-day move. Reuters reported 21%, CNBC reported 21.5%, and The Statesman and Bloomberg reported the stock rose as much as about 23% to an intraday high of 1,375 rupees on the BSE and 1,374.50 rupees on the NSE.
PTI, via ThePrint and India TV News, reported Jio Platforms' market value at Rs 12,50,586.39 crore in early BSE trade against Reliance Industries' Rs 15,89,937.97 crore, for a combined group value of Rs 28.40 lakh crore. Reuters and AFP reported that Jio's telecoms business serves more than 530 million customers.
What the record shows
Reuters reported that Jio Platforms is backed by Meta Platforms and Alphabet's Google. Pre-IPO shareholding reported by Indian outlets put Reliance Industries at about 66.4%, Meta at about 9.98% to 9.99% held through its affiliate Jaadhu Holdings, and Google at 7.73%. Newsbytesapp reported Reliance's stake falling from 66.35% to 64.41% after the issue, with existing holders' share counts unchanged because the listing was a fresh issue with no offer for sale.
On our own record there is nothing further to add about Meta here, and that absence is the point. Jio Platforms trades on the NSE and BSE and is not US-listed. Meta and Google are pre-existing shareholders rather than parties to any insider transaction, and no US regulatory filing tied to the listing has been identified.
What to watch
The listing was staged as an event as much as a financing. Reuters reported that the Ambani family, Mukesh, Nita, Akash (Jio's managing director), Isha and Anant, rang the IPO bell on stage at the National Stock Exchange in Mumbai, that Mukesh Ambani was visibly in tears during Anant's speech, and that Indian newspapers carried front-page Reliance Jio advertisements reading "Thank you, India". Reliance also hosted an employee celebration at Reliance Corporate Park near Mumbai with dozens of street-food stalls, dance performances and jam sessions, per an internal memo and social media posts.
The figures worth tracking from here are narrow and already on the table: the 1,119-rupee offer price as the reference point, the 1,358-rupee opening print, and the roughly 23% intraday high at 1,375 rupees on the BSE. Whether the gap between Jio's Rs 12,50,586.39 crore and Reliance's Rs 15,89,937.97 crore narrows is the simplest measure of what the market thinks it bought.
Reporting from Reuters, CNBC, Bloomberg, PTI, AFP, India TV News and The Statesman, dated October 28th, 2026.
Informational only, not investment advice.