Strong investor demand and grey-market signals suggest Jio Platforms could become India’s second-most valuable listed company when it begins trading, behind only Reliance Industries.
Jio Platforms is poised to enter the market as India’s second-most valuable listed company, overtaking Bharti Airtel if its debut on Wednesday matches the strongest signals from the unofficial grey market. Based on those indications, the telecom and digital arm of Reliance Industries could command a market value of about ₹12.61 lakh crore, narrowly ahead of Airtel’s roughly ₹12.35 lakh crore, and place itself just behind the parent Reliance Industries, which remains comfortably at the top of the rankings.
The listing comes after a brisk response from investors. Economic Times reported that Jio’s initial public offering ended with subscriptions of 22.19 times, with bids for 438 crore shares against 19.75 crore on offer. The qualified institutional buyers’ portion was covered 70 times, underlining strong demand from large investors. Grey market indications on the final day pointed to a premium of about ₹245 to ₹255 a share, suggesting a debut price well above the issue level of ₹1,119.
If that enthusiasm carries through to trading, Jio’s debut could redraw the upper reaches of India’s equity market. Reuters-style market calculations based on the grey market level point to a notional listing price near ₹1,369 a share, which would move Jio ahead of Airtel and leave two Reliance Group companies among the five most valuable listed firms in the country. HDFC Bank and ICICI Bank would remain in the top five, while Tata Consultancy Services could drop out of that group and settle around sixth place.
That would mark a notable shift in the balance of India’s corporate heavyweight list, which has long been dominated by banks, technology firms and large conglomerates. According to the reporting, the top five would then include two telecom and digital businesses, two private-sector lenders and one diversified industrial group, while no Adani Group company would feature in that select set.
Even so, the final ranking will only be settled once Jio’s shares begin trading on the BSE and NSE on Wednesday, October 28, 2026. Grey market premiums are an informal gauge rather than a guarantee, and the actual opening price can differ sharply from expectations. The funds raised are intended to help reduce debt at Reliance Jio Infocomm, the group’s telecom unit, as the company seeks to deepen its position in broadband and artificial intelligence.
Disclaimer: This article is intended to inform and educate, not to recommend or endorse any financial product, investment or strategy. Please consider your own financial circumstances and seek professional advice where appropriate before making financial decisions.
