Jio IPO: At 22% GMP, Jio could pip Airtel to become India’s second-most valued firm; Reliance Group eyes Tata’s m-cap crown

At an estimated market capitalisation of ₹10.3 lakh crore at the upper end of its IPO price band of ₹1,065-₹1,119 per share, Jio Platforms would rank as India’s third-most valuable listed company, behind Reliance Industries and HDFC Bank. Based on BSE closing figures on October 23, it would rank ahead of ICICI Bank, Tata Consultancy Services (TCS), State Bank of India (SBI), Bajaj Finance, Larsen & Toubro (L&T) and Life Insurance Corporation of India (LIC)..

However, the premium investors are willing to pay in the unofficial market suggests that its position could change when it makes its stock market debut on October 28.

The grey market premium (GMP) for Jio Platforms stood at ₹247 per share on October 25, implying an indicative listing price of ₹1,366 against the upper end of the IPO price band of ₹1,119. This represents a potential premium of 22.07% and translates into an implied market capitalisation of approximately ₹12.36 lakh crore.

At that valuation, Jio Platforms would overtake Bharti Airtel, whose market capitalisation stood at ₹11.79 lakh crore as of October 23, to become India’s second-most valuable listed company, behind its parent, Reliance Industries (RIL), valued at around ₹16.1 lakh crore.

The GMP, however, is an unofficial indicator of sentiment in the unlisted market and does not guarantee the actual listing price or investor returns. The eventual ranking will depend on the price at which Jio Platforms shares list and how the stock trades thereafter.

Jio listing could make Reliance Group India’s largest conglomerate

Jio Platforms’ potential rise in the corporate market-capitalisation rankings is only one part of the broader valuation shift its listing could trigger. The IPO could also alter the pecking order among India’s largest business conglomerates, with Reliance Group poised to overtake Tata Group in combined listed market capitalisation.

At the upper end of the IPO price band, Jio Platforms’ estimated valuation of ₹10.3 lakh crore would take Reliance Group’s combined market capitalisation to approximately ₹28.35 lakh crore, ahead of Tata Group’s ₹26 lakh crore as of October 23.

Tata Group’s combined market capitalisation has declined more than 16% from its October 2025 peak of approximately ₹31 lakh crore, amid weakness in key constituents, including Tata Consultancy Services (TCS), Titan Company and Tata Steel. The decline has narrowed the gap between the two conglomerates, making Jio Platforms’ listing a potential turning point in their relative rankings.

Reliance Group currently has 12 listed companies with a combined market capitalisation of more than ₹18 lakh crore. Reliance Industries, valued at around ₹16.1 lakh crore, accounts for the lion’s share, followed by Jio Financial Services at approximately ₹1.35 lakh crore. Jio Platforms would become the group’s 13th listed company.

The Adani Group ranks third, with a combined market capitalisation of more than ₹17 lakh crore, while the HDFC Group ranks fourth, at nearly ₹14 lakh crore. HDFC Bank, valued at ₹10.67 lakh crore as of October 23, is the largest contributor to the HDFC Group’s market value.

Jio IPO breaks multiple records

The ₹30,213-crore Jio Platforms IPO has surpassed Hyundai Motor India’s ₹27,870-crore offering in 2024 to become India’s largest IPO by issue size. It has also set a new benchmark for investor participation, attracting 1.37 crore applications and becoming the first Indian public issue to cross the one-crore mark.

The issue was subscribed 22.19 times by the close of bidding on October 23, with investors bidding for 438.26 crore shares against 19.75 crore shares on offer, despite sharp volatility in the secondary market amid sustained selling by foreign portfolio investors (FPIs).

In contrast, qualified institutional buyers (QIBs) emerged as the biggest driver of demand for the Jio IPO, bidding for 345.76 crore shares worth approximately ₹3.87 lakh crore against 4.90 crore shares reserved for the category, excluding anchor investors. This translated into a subscription of 70.55 times, underscoring strong institutional appetite for the offering despite continued weakness in the broader equity market.

At the upper end of the price band, bids received during the three-day subscription period were worth approximately ₹4.90 lakh crore. Including nearly ₹2.5 lakh crore in anchor investor demand, the combined bids amounted to around ₹7.4 lakh crore.