Jio Platforms Lists At 21.36% Premium After India’s Largest IPO

Jio Platforms, the telecom and digital services subsidiary of Reliance Industries, successfully listed at a 21.36% premium on their issue price during India's largest IPO. The tech giant's shares debuted at ₹1,358 each on the BSE and NSE, generating a market capitalization of ₹12.5 lakh crore ($131 billion), surpassing the expected capitalization of ₹10.3 lakh crore ($108 billion) at the issue price.

The IPO received a staggering 22.19 times subscription rate, with a price band set by the company at ₹1,065-₹1,119 per share. Prior to the public offering, Jio Platforms secured ₹8,109.8 crore in funding from anchor investors, comprising funds like HDFC Mutual Fund, ICICI Prudential Mutual Fund, SBI Mutual Fund, BlackRock, the Government of Singapore, and Abu Dhabi Investment Authority.

This capital infusion is earmarked for prepaying certain borrowings of Reliance Jio Infocomm (RJIL) and for general corporate purposes. RJIL, the telecom arm, has 533.3 million customers, and Jio's network carries around 60% of India's wireless data traffic. As of June 30, 2026, RJIL's customer base grew to 533.3 million. Monthly data consumption per customer increased to 43.7 GB from 37 GB during the quarter.

Jio's average revenue per user (ARPU) also rose by 3.26% to ₹215.60. The company has been expanding its revenue streams beyond mobile connectivity, with a fixed broadband customer base of 28.6 million as of June 2026, including 14 million JioAirFiber customers. Operating revenue for Jio Platforms rose nearly 15% year-over-year to ₹1.47 lakh crore in FY26, while net profit increased by 15.1% to ₹30,049 crore.

Financial analysts at Motilal Oswal have initiated coverage on Jio Platforms with a 'BUY' rating and a target price of ₹1,350 per share, expecting the company to maintain its leadership in wireless connectivity and home broadband, while scaling its digital services into cloud, enterprise communications, IoT, and managed services.