Jio Platforms Shares Soar 23% on Debut, Becomes India’s Second-Most Valuable Listed Company

Jio Platforms made a spectacular debut on the Indian stock market on Wednesday, with its shares jumping nearly 23% above the IPO price of ₹1,119, taking its market capitalisation beyond ₹12.5 lakh crore and making it India’s second-most valuable listed company after Reliance Industries. The listing also marked an emotional milestone for the Ambani family, as Mukesh Ambani watched his three children step forward to outline the future of the digital business he built.

Jio Platforms shares opened at ₹1,358 on both the BSE and NSE, a premium of 21.36% over the issue price. The stock subsequently climbed to ₹1,375 on the BSE, up 22.87%, while touching ₹1,374.50 on the NSE. Its market valuation reached approximately ₹12.57 lakh crore, placing it ahead of Bharti Airtel, HDFC Bank and ICICI Bank in the market-capitalisation rankings. Reliance Industries remained India’s most valuable company, with a market capitalisation of around ₹15.94 lakh crore.

The strong debut followed an unprecedented response to Jio’s ₹30,213-crore initial public offering (IPO), which attracted bids for 22.19 times the shares on offer. Total demand across the public issue and anchor investor placement exceeded ₹7.4 lakh crore, while applications approached 1.39 crore. The IPO, priced between ₹1,065 and ₹1,119 per share, comprised a fresh issue of 27 crore shares. Reliance Industries owns a 66.4% stake in Jio Platforms.

Beyond the market numbers, the listing ceremony at the National Stock Exchange became a defining moment in the Ambani family’s succession story. The 69-year-old Mukesh Ambani, accompanied by his wife Nita Ambani, was visibly emotional as Akash, Isha and Anant Ambani paid tribute to their father and grandfather, Reliance founder Dhirubhai Ambani.

Akash Ambani, chairman of Reliance Jio and managing director of Jio Platforms, said the listing was not a finish line but a starting point. He pledged to build long-term shareholder value and expand Jio beyond affordable connectivity into artificial intelligence, cloud computing, connected devices, satellite connectivity and new digital services.

Isha Ambani linked the IPO to Reliance’s first public offering in 1977, when the company raised ₹2.82 crore at a valuation of ₹10 crore. She said Dhirubhai Ambani had believed that ordinary Indians should participate in the country’s prosperity as owners, not merely spectators.

Anant Ambani described Jio as a shared national enterprise, crediting Indian customers for its growth. The company serves more than 54 crore customers, according to Akash, and has become central to Reliance’s expansion beyond its traditional energy and refining businesses.