India Markets · News Corner

India's Biggest IPO Ever: Jio Lists at Rs 1,358 and Ends Its First Week 28% Above Issue Price

By Beauty of Bharat · Published 30 October 2026

By Beauty of Bharat — India travel guide, every place, every flavour.

Guides covering all 36 States and UTs, researched from official sources and checked at publish time. Corrections welcome — see About Beauty of Bharat.

India's biggest IPO ever did not just list well — it made Jio Platforms the country's second-most valuable company within three days, then posted its first results as a listed company on Friday. The Rs 30,213 crore issue drew a world-record 1.38 crore applications, listed at a 21% premium, and closed its first week nearly 28% above its issue price.

This post reflects reporting available on 30 October 2026, including PTI via The Print, Lokmat Times (PTI), Upstox, ET Now, HDFC Sky / Red Herring Prospectus and Moneycontrol / LiveMint / Times of India. Where sources disagree or a detail is unconfirmed, the article says so.

The listing: a 21% premium on debut

Jio Platforms listed at Rs 1,358 apiece on both the Bombay Stock Exchange and the National Stock Exchange on Wednesday 28 October 2026, a 21.36% premium to the IPO issue price of Rs 1,119 per share. Trading began at 10:00 am IST after a pre-open session from 9:00 to 9:45 am. The stock closed its first trading day at Rs 1,417.35 on the BSE and Rs 1,417.50 on the NSE, up about 26.7% from the issue price, and the debut made it India's second-most valuable domestic company by market capitalisation, behind only parent Reliance Industries.

The IPO that broke records

The issue, which opened on 21 October and closed on 23 October 2026, was entirely a fresh issue of 27 crore equity shares aggregating Rs 30,213 crore at the upper band, with no offer-for-sale component. The price band was Rs 1,065 to Rs 1,119 per share, the face value Rs 10, the lot size 12 shares, and eligible employees were offered shares at a Rs 54 discount. Anchor investors put in Rs 8,109.85 crore on 19 October.

Demand was unprecedented. The issue was subscribed 22.19 times overall, with bids for 421.87 crore shares against 19.75 crore on offer, worth roughly Rs 7.4 lakh crore. It drew nearly 1.38 crore applications — the first IPO anywhere in the world to cross one crore applications, surpassing the previous Indian record held by Waaree Energies. The registrar was KFin Technologies, and Kotak Mahindra Capital was among the book-running lead managers. Proceeds are primarily earmarked for prepaying Rs 27,500 crore of borrowings of subsidiary Reliance Jio Infocomm, with the rest for general corporate purposes. At the upper band the company was valued at around Rs 10.3 lakh crore. Company figures reported for June 2026 showed 533.3 million subscribers and nearly 60% of India's data traffic.

Three days of gains

The gains extended past listing day. On Thursday 29 October the stock finished at Rs 1,419, about 27% above the issue price. On Friday 30 October it slipped as much as 2.4% intraday to Rs 1,386.80 ahead of its quarterly results, then recovered to close at Rs 1,431.20 on the BSE and Rs 1,431.30 on the NSE — up 27.89% and 27.90% respectively from the issue price. Market capitalisation reached Rs 13,17,996.49 crore, about Rs 13.18 lakh crore, after rising by Rs 12,754.51 crore across the three sessions.

First results as a listed company

After market hours on Friday 30 October, Jio Platforms reported its first quarterly results since listing. For the quarter ended September 2026, consolidated net profit rose 13.7% year-on-year to Rs 8,389 crore, up 8% from Rs 7,765 crore in the previous quarter, while revenue from operations rose 11.4% to Rs 40,475 crore from Rs 36,332 crore a year earlier. Average revenue per user improved to Rs 218.8 per user per month. The company announced no dividend for the quarter.

What is still unconfirmed

The grey market premium quoted before listing — around Rs 247 to Rs 254, implying roughly a 22% premium — was an unofficial market indicator, not a guaranteed listing price, and it is not needed to explain the actual debut: the stock listed at Rs 1,358 on real exchange demand. Brokerage targets and buy-or-hold calls published around the listing are opinions, not facts, and are deliberately not repeated here. Share prices move daily; every price in this article is as of the 30 October 2026 close unless stated otherwise.

Context and what to watch

The scale of this listing is hard to overstate: at Rs 30,213 crore, it is India's biggest IPO ever, and its structure matters as much as its size. The issue was entirely a fresh issue of 27 crore shares, with no offer-for-sale component — meaning the money raised went to the company rather than to existing shareholders cashing out. Priced at the top of its Rs 1,065 to Rs 1,119 band, with a lot size of 12 shares and a minimum retail application of Rs 13,428 at the upper band, it listed at Rs 1,358 on both the NSE and BSE on Wednesday 28 October 2026, a 21.36 per cent premium, closed its first day around Rs 1,417, and ended its first week on Friday 30 October around Rs 1,431 — about 27.9 per cent above the issue price.

The first results as a listed company, reported on 30 October after market hours, give the listing something to stand on: for the quarter ended September 2026, consolidated net profit rose 13.7 per cent year-on-year to Rs 8,389 crore and revenue from operations rose 11.4 per cent to Rs 40,475 crore, with average revenue per user at Rs 218.8 per month and no dividend announced for the quarter. What to watch is whether the listing premium holds through the next few quarters, whether average revenue per user keeps rising, and how the market values a company that is now priced as much on its future as on its present earnings.

Frequently Asked Questions

For more world news, see our News Corner.