Jio Platforms Lists at 21% Premium, Reaching Market Value of $131.52 Billion
Key Facts
Jio Platforms shares listed on the National Stock Exchange of India and the Bombay Stock Exchange on October 28 at 1,358 rupees per share, up about 21% from the offer price of 1,119 rupees, according to Financial Express. The price gave the 30,213 crore rupee initial public offering a strong start in the market. Reuters estimated the company’s market value after listing at about $131.52 billion, making it India’s second-largest company by market value, ahead of Bharti Airtel and HDFC Bank. At that size, Jio’s listing became the largest in India’s history, Reuters reported. The debut placed the company immediately among the market’s leading listed firms, while the initial price highlighted the scale of demand before trading began.
Strong demand during the subscription period preceded the listing, with investor bids covering the shares on offer in less than two hours after the offering opened, before reaching 3.16 times by the end of the first day on October 21, Reuters reported. The offering was valued at $3.2 billion, surpassing Hyundai Motor India’s $2.9 billion listing in 2024, which had been India’s largest before then. Reuters said the listing gave the country’s largest initial public offering a "strong start." It marked the first public listing by a Reliance Group company since 2006, the agency reported. This backdrop combines the size of the issue and demand for it with the group’s return to the listings market after two decades.
Jio’s market value after listing reached about 12.5 lakh crore rupees, according to Financial Express, which described it as India’s largest telecom company by market value. The company’s telecom business serves more than 530 million customers, according to Reuters, giving investors a measure of the scale of the business behind the listed company. But the customer base alone does not determine the revenue generated per user; a comparison of average revenue per user puts Jio below rival Bharti Airtel. Estimates by Elara Securities indicated Jio’s average stood at 216 rupees a month in the first quarter of fiscal 2027, compared with 264 rupees at Airtel, about 18% lower. The gap highlights an important operational aspect in valuing a telecom company of this scale, alongside the breadth of its subscriber base.
Elara expects Jio’s average monthly revenue per user to rise to 257 rupees in fiscal 2029, compared with 315 rupees at Airtel, keeping its estimate for Jio below its competitor’s that year. The comparison puts revenue per user among the metrics the market will track after the listing, alongside customer base size. Elara analysts identified delays in telecom tariff increases and the potential imposition of spectrum charges on the radio technology used in unlicensed bands as risks. The firm said prolonged delays in price increases could constrain revenue growth and earnings before interest, taxes, depreciation and amortization. These risks link the company’s ability to increase returns from customers with the costs of spectrum use, two factors that could affect the operating trajectory.
A large portion of the net proceeds from the offering is set to go toward reducing the debt of Reliance Jio Infocomm, its main operating subsidiary, according to the offer prospectus cited by Moneycontrol. Up to 27,500 crore rupees was allocated to repay or prepay existing loans. This stated use of proceeds makes debt reduction one of the company’s key post-fundraising priorities to watch. The move comes as the stock enters the market with a large market valuation, while investors monitor the business’s ability to support that valuation. The company is scheduled to discuss results for the quarter ended September at a meeting on October 30, its next near-term financial milestone after the listing.