Shares of Jio Platforms Limited (JPL), Reliance’s telecom and digital business unit, were listed on both the NSE and BSE markets today, Wednesday, October 28, 2026, at ₹1,358 per share against an issue price of ₹1,119, which is a 21.36% premium.
Since listing, the stock gained further, and now the latest quote stands at ₹1,417.50, with a jump of ₹298.50 or nearly 26.7% above the issue price. The numbers mentioned above are intraday prices that may change throughout the day.
The key levels on the NSE, according to Groww's live data, were:
- Issue price: ₹1,119.
- Opening price: ₹1,358.
- Day's low: ₹1,357.
- Day's high: ₹1,423.90.
- Last traded price: ₹1,417.50.
- Volume: More than 17.7 crore shares in the early session.
- Circuit limits: ₹1,086.40 on the downside and ₹1,629.60 on the upside.
The Economic Times reported that the Ambani family rang the ceremonial bell to mark the occasion.
The issue price was quite near the prediction from the grey market. Prior to the issue, the grey market premium (GMP) was about ₹245 to ₹250 per share, meaning the listing price was likely to range from ₹1,364 to ₹1,369.
However, the issue price of ₹1,358 was slightly lower, although the share price soon shot up. While the grey market is unofficial and does not make any guarantees, in this case it proved fairly accurate.
The total application amount for an investor who got one lot of 12 shares was ₹13,428 at the issue price. In case of ₹1,417.50, the same lot will cost ₹17,010, representing the profit of around ₹3,582.
Based on the pricing band at ₹1,119, Jio Platforms' IPO valued the company at around ₹10.3 lakh crore. After the issue, there are approximately 920.9 crore shares outstanding in the company.
Based on the calculations using this figure and a price of ₹1,417.50, the market capitalization of the company works out to be approximately ₹13 lakh crore, making it one of the largest companies in India.
Based on the estimated earnings per share of around ₹33.7 for the financial year 2026, the valuation was done at 33 times earnings in terms of the issue price. However, based on a price of ₹1,417.50, the multiple is now closer to 42 times as opposed to the average 22 times mentioned by Finology.
This ₹30,213 crore issue, which is reportedly the biggest ever in India, was a complete fresh issue of 27 crore shares. It had a total subscription of 22.2 times, with the institutional portion being 70.6 times.
The retail portion was 2.72 times subscribed, while anchor investors committed to buy ₹8,109.85 crore worth of shares in the issue. The promoters own 66.43%, while the rest is held by the public.
Jio Platforms is the holding company for Reliance's telecommunications and digital ventures, and Reliance Industries is the company's major shareholder. About 10% of the ownership is held by Facebook's Meta platform and Google, with about 7.7%.
This investment was made in the course of fundraising done in 2020. According to the prior note by ICICI Securities, the valuation of Jio Platforms could reach about $148 billion by 2027 fiscal year based on robust free cash flow and possible deleverage.
According to analysts, there are several events that could affect the stock price:
- Tariffs on telecom services: As per brokerages like JM Financial, an expected tariff hike could increase revenue per user and free cash flow.
- Index inclusion: Big listing tends to attract index fund interest.
- Valuation: Given the current high PE ratio (over 40 times), any disappointment in performance could drive the stock sharply.
- Market environment: Broader movements in Indian equities and technology companies could affect the price of the stock.
Day-one gains do not guarantee future performance. The newly listed large-cap stocks can be volatile over the next few weeks as institutional investors rebalance and early investors take profits.
Investors who got the stock must look at their horizon, whereas those who couldn't must think twice before paying a premium after a successful day-one performance. Stock prices and exchanges' circuit limits may also change during the trading session.
Jio Platforms' maiden results will be closely watched by the market to see how well the company is growing in terms of revenues and profitability.
Other aspects that the market will look out for include index inclusion and analyst coverage starts, which typically happen within a few weeks of a listing.
The stock will also start trading on NSE and BSE freely without any special rules that newly listed stocks need to follow.
