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Jio Platforms lists on NSE and BSE today at Rs 1,119 issue price; grey market points to a 22% premium
Jio Platforms shares debut on the NSE and BSE on Wednesday after India's largest IPO, a Rs 30,213 crore issue priced at Rs 1,119 and subscribed 22.19 times. Grey market quotes suggest a listing near Rs 1,363 to Rs 1,376, but the opening price is set at the pre-open session.
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Shares of Jio Platforms make their stock market debut on Wednesday, 28 October, on the National Stock Exchange and the BSE, completing the largest initial public offering in Indian market history. The issue was priced at Rs 1,119, the top of the Rs 1,065 to Rs 1,119 band, and trading is scheduled to begin at 10 am after a pre-open session that sets the opening price. This article was prepared before the opening, so the debut price is not known yet.
The issue in numbers
The offer raised Rs 30,213 crore and consisted entirely of fresh equity, with 27 crore new shares and no offer for sale by existing holders. At the upper end of the band the company is valued at about Rs 10.3 lakh crore. Bids were open from 21 to 23 October, allotment was finalised on 26 October, and refunds and the credit of shares to demat accounts were due on 27 October.
| Investor category | Subscription |
|---|---|
| Qualified institutional buyers | 70.55 times |
| Non-institutional investors | 14.00 times |
| Retail investors | 2.72 times |
| Employees | 2.93 times |
| Shareholders' quota | 7.60 times |
| Overall | 22.19 times |
The institutional book was by far the strongest, and the retail portion was subscribed less than three times. The lot size was 12 shares, so the minimum application at the upper price was Rs 13,428. Before the public issue opened, the company raised Rs 8,110 crore from anchor investors on 19 October, including Life Insurance Corporation of India, BlackRock and Fidelity.
What the grey market says
Unofficial trading in the shares before the listing, known as the grey market premium, was reported at about Rs 244 to Rs 257 a share on 27 October, or roughly 22 to 23 per cent above the issue price. Added to Rs 1,119, that points to an indicative listing price of about Rs 1,363 to Rs 1,376. One brokerage analyst said the stock could open about 20 per cent above the issue price.
These are not official prices. The grey market is unregulated and its quotes can change quickly, and several large listings in the past have opened far from the grey market estimate. A strong subscription does not guarantee a gain on the first day either, and the opening price will depend on demand, the mood of the market and trading conditions on the day.
Because the issue was entirely fresh equity, the money raised goes to the company and not to existing shareholders. The reports available before the listing do not set out how the proceeds will be used, and investors who want that detail should read the offer document.
The business behind the shares
Jio Platforms was incorporated on 15 November 2019 and describes itself as a technology company focused on digital connectivity, digital services and technology-led solutions in India. Its subsidiary Reliance Jio Infocomm had 533.3 million customers as of 30 June 2026.
The company has said it wants to grow revenue beyond the capital-intensive rollout of 5G. Its consumer offerings include mobile and fixed broadband, digital entertainment, cloud storage and smart home products, and its enterprise offerings include connectivity, cloud and security, managed services and applications for connected devices. Analysts see support for earnings from further tariff increases, the shift of users to higher-priced plans and rising demand for home broadband, while management has said it plans to emphasise more services and not rely mainly on tariff hikes.
At Rs 1,119 the valuation works out to a lower multiple than that of Bharti Airtel, which trades at about 40.7 times its trailing earnings on estimates. The comparison is not exact, because the two companies differ in profitability, return on capital and business mix, and a lower multiple does not by itself mean that the shares are cheap.
For investors who were allotted shares, the first-day move will be the first test of whether the premium in the grey market was justified. Those who applied but received no shares should check that refunds have reached their bank accounts, as they were due on 27 October. Anyone who plans to buy on the listing day should keep in mind that prices on the first day of a large issue can swing sharply, and that the value of the shares depends in the long run on the company's earnings, not on the excitement of the debut.
This article is for information and is not investment advice.
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