Jio Platforms’ shares opened at ₹1,359, valuing the digital and telecoms business at about $108.3 billion after an IPO that attracted bids worth more than 22 times the shares on offer.
Jio Platforms made a strong market debut on Tuesday, with shares opening on the National Stock Exchange and the Bombay Stock Exchange at ₹1,359, a premium of 21.36% to the issue price of ₹1,119. The listing valued the company at roughly $108.3 billion and made it India’s second-largest listed company by market capitalisation, while also cementing its position as the country’s biggest listed telecom company, according to market reports.
The enthusiasm had been building well before the first trade. Financial Express reported that the IPO was fully subscribed within 100 minutes of opening and went on to attract bids worth more than 22 times the shares on offer. The grey market premium pointed to gains of about 22%, suggesting investors were already expecting a healthy debut. That level of demand reflects not just the scale of the offering, but also the market’s view of Jio as more than a traditional mobile operator.
Analysts told the Indian Express that Jio’s appeal lies in its transformation from a telecom company into a broader digital platform. Motilal Oswal said the business now combines nationwide connectivity, a large 5G network, fixed wireless broadband through JioAirFiber, and digital services spanning cloud, enterprise solutions and artificial intelligence. They also pointed to steady growth in average revenue per user, one of the telecom sector’s key measures, which rose to ₹214 in FY26 and ₹215.6 in the April-June quarter of FY27, up from ₹181.7 in FY24.
That operating momentum is being matched by strategic backing. A domestic brokerage analyst quoted by the Indian Express said Jio’s higher valuation also reflects the potential of its artificial intelligence plans, helped by partnerships with Meta and Google, which hold stakes of about 10% and 8% respectively. Although Jio’s ARPU still trails Bharti Airtel’s ₹264 in the first quarter of FY27, analysts say its larger customer base and wider business mix give it a different kind of growth story, one that helped drive the heavy demand seen in the IPO.
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