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Reliance files for Jio's stock market debut

Reliance files for Jio's stock market debut

Money Moves

Jio shares list 27% above the ₹1,119 IPO price, making Jio India's second most valuable company

October 28th, 2026: Jio shares list on NSE and BSE at 21% premium and close 27% higher

Overview

Updated Nov 1

Jio Platforms listed on the National Stock Exchange (NSE) and BSE on October 28, 2026. Shares opened at ₹1,358 and closed at ₹1,417.35 on BSE, 26.66% above the ₹1,119 issue price. The ₹30,213 crore IPO had drawn 22.19 times the shares on offer.

At the close, Jio's market value was about ₹13.05 lakh crore ($137.1 billion), second only to Reliance Industries. Reliance, which owns more than 64% of Jio after the offer, moved past the Tata Group as India's most valuable conglomerate. Jio's board meets October 30 to approve its September-quarter results.

Why it matters

The listing lets ordinary Indians buy into the country's biggest mobile network for the first time.

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Key Indicators

26.66%
Debut gain
Jio closed at ₹1,417.35 on BSE on October 28, against the ₹1,119 issue price.
$137.1B
Market value at listing
Market value of ₹13.05 lakh crore on listing day, placing Jio second among Indian companies behind Reliance Industries.
₹30,213 crore
IPO size
The fresh issue of 27 crore shares was subscribed 22.19 times.
524M+
Jio subscribers
Jio had more than 524 million subscribers as of March 2026.

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People Involved

Mukesh Ambani
Mukesh Ambani
Chairman, Reliance Industries
Chairman of Reliance Industries. Jio listed on October 28 and Reliance owns more than 64% of it after the offer, per CNBC.
 Akash Ambani
Akash Ambani
Managing Director, Jio Platforms; Chairman, Reliance Jio Infocomm
Managing director of Jio Platforms. Jio's shares listed October 28 and closed 26.66% above the IPO price.

Organizations Involved

Jio Platforms
Jio Platforms
Telecom and digital services company
Listed on NSE and BSE on October 28, 2026; closed at ₹1,417.35 on BSE, 26.66% above the ₹1,119 issue price.

Jio Platforms holds Reliance's telecom and digital businesses, including India's largest mobile network.
Securities and Exchange Board of India
Securities and Exchange Board of India
Regulatory Agency
Jio's IPO opened on October 21 and priced on October 24. Shares began trading on NSE and BSE on October 28.

SEBI regulates India's stock markets and must clear company filings before any public listing.

Timeline

September 2016 October 2026

10 events Latest: October 28th, 2026 · 2 weeks ago
Tap a bar to jump to that date

  1. Jio shares list on NSE and BSE at 21% premium and close 27% higher

    Latest Listing

    Shares opened at ₹1,358, 21.36% above the issue price, and closed at ₹1,417.35 on BSE. The market value of ₹13.05 lakh crore made Jio India's second most valuable company after Reliance Industries.

  2. NSE and BSE approve Jio shares for trading

    Regulatory

    Jio Platforms completed allotment on October 26 and received final listing approval on October 27. Reliance said trading would start October 28.

  3. Jio prices IPO at ₹1,119 after 22-times subscription

    IPO

    The offer closed on October 23 with 22.19 times subscription and bids worth more than ₹7 lakh crore. Jio set the issue price at the top of its band on October 24 and filed its prospectus.

  4. Jio IPO opens and is covered within two hours

    IPO

    The ₹30,213 crore offer was fully subscribed within two hours of opening and 3.16 times covered by the end of the first day, Reuters reported.

  5. Jio sets IPO price band at ₹1,065–₹1,119

    Filing

    Jio filed its red herring prospectus and set a price band of ₹1,065 to ₹1,119 a share. Employees got a ₹54 discount; the minimum bid was 12 shares.

  6. Jio files its draft prospectus

    Regulatory

    Reliance confirms Jio's board approved the DRHP and is filing it with SEBI, starting the formal IPO process.

  7. IPO timeline set for 2026

    Statement

    At the 2025 AGM, Ambani says Jio is preparing to list in the first half of 2026.

  8. Global money pours into Jio

    Investment

    Meta buys a 9.99% stake for $5.7 billion. Google, KKR, and others follow, valuing Jio near $60 billion.

  9. Ambani promises a listing

    Statement

    At the annual meeting, Ambani says Jio and Reliance Retail will list within five years.

  10. Jio launches and rewrites Indian telecom

    Origin

    Reliance launches Jio with free data and cheap calls. Rivals collapse or merge as users flood in.

Scenarios

1

Jio completes India's largest IPO in 2026

Likely Resolves by End of 2026

Discussed by: Business Standard, Reuters, Jefferies

SEBI cleared the offer, and Jio listed on the NSE and BSE on October 28, 2026. Shares closed 26.66% above the issue price on BSE, so the listing went ahead within the year as this scenario anticipated.

2

Jio's listing slips into 2027

Possible Resolves by Q2 2027

Discussed by: Cryptobriefing, market analysts

A longer SEBI review, weak markets, or a pricing standoff pushes the debut past December. Reliance keeps the IPO alive but waits for a better window. The company has already missed its original five-year pledge, so a short delay would not be a surprise.

3

Jio debuts above a $150 billion valuation

Possible Resolves by Q1 2027

Discussed by: Jefferies, Business Standard

Jio's market value at listing was about $137.1 billion, below the $150 billion line. Some bankers had pegged the value nearer $170 to $180 billion before the IPO.

4

Reliance shelves the Jio IPO

Unlikely Resolves by Q2 2027

Discussed by: Market commentators

A sharp market downturn or a strategic rethink leads Reliance to withdraw the prospectus or postpone the listing with no new date. This would reverse a plan Ambani has pushed publicly for years, so it is the least likely path.

5

Jio holds above its ₹1,119 issue price on debut

Deadline passed (Oct 28, 2026)

Discussed by: Reuters, India IPO Daily

Jio opened at ₹1,358 and closed at ₹1,417.35 on BSE on October 28, above the ₹1,119 issue price. The debut valued the company at about ₹13.05 lakh crore.

6

Jio joins the Nifty 50 index by mid-2027

Uncertain Resolves by Q2 2027

Discussed by: Livemint

Jio cannot join India's headline indexes until exchanges list derivatives on its shares. Livemint reports that this wait runs for months, so inclusion would follow derivatives trading.

Historical Context

3 moments from history that rhyme with this story — and how they unfolded.

May 2022

LIC IPO (2022)

The Indian government floated about 3.5% of Life Insurance Corporation, raising roughly ₹21,000 crore. It was the largest IPO in the country's history and drew huge retail interest.

Then

LIC shares listed at a discount and fell below the issue price within days.

Now

It set the record Jio now aims to break, and stands as a warning that a giant name does not guarantee a strong debut.

Why this matters now

Jio would dethrone LIC as India's biggest listing. The LIC experience shows that size and demand do not always translate into a good first-day price.

December 2019

Saudi Aramco IPO (2019)

Saudi Arabia listed about 1.5% of its state oil company, raising $25.6 billion at a near $1.9 trillion valuation. It was the largest IPO ever, sold mostly to domestic and regional investors.

Then

Shares rose on debut, then the company became the world's most valuable listed firm.

Now

It proved a national champion can list a tiny slice at an enormous valuation and still set records.

Why this matters now

Like Aramco, Jio plans to float only a small stake at a vast valuation, leaning on home-market investors rather than a full sale.

November 2010

Coal India IPO (2010)

The state miner raised about ₹15,200 crore in an offering that was oversubscribed many times over. It held India's IPO record for more than a decade.

Then

Coal India shares jumped on listing day, rewarding retail buyers.

Now

It showed the depth of India's retail appetite for a marquee public-sector name.

Why this matters now

Coal India is the benchmark for India's hunger for big-name listings, the demand Jio is counting on to absorb its share sale.

Sources

(20)
+14
Business Today Business Standard Gulf News BSE India The Hindu Reuters The Economic Times India IPO Daily Livemint BBC The Indian Express The Times of India CNBC Nikkei Asia Business Standard Business Standard Business Standard Reuters Livemint BSE India