Jio Platforms breaks large-IPO debut jinx, delivers second-best listing gain after LG Electronics

Jio Platforms broke the spell of lacklustre listings among India’s biggest public issues on October 28, delivering a 21.36% debut gain that was second only to LG Electronics India among the country’s 10 largest IPOs by issue size.

Shares of the telecom and digital services major listed at ₹1,358 on both the BSE and the NSE, against an issue price of ₹1,119. The strong debut came despite weakness in the broader market, with the Sensex and Nifty falling nearly 1% each in early trade.

Jio’s ₹30,213-crore offering was the largest public issue in India’s history. Its listing performance stood out against the mixed record of mega IPOs, where large issue sizes have not always translated into strong investor returns on debut.

LG Electronics India tops the comparison, with a 48.19% listing gain after its ₹11,604.73-crore IPO in October 2025. Coal India, which raised ₹15,199.44 crore in 2010, follows with a 39.73% gain. Jio’s 21.36% debut was ahead of Swiggy, which gained 16.91%, and HDB Financial Services, which rose 13.64%.

Several other large offerings fared poorly. Paytm plunged 27.25% on debut after its ₹18,300-crore IPO in November 2021, while Life Insurance Corporation of India fell 7.75% following its ₹20,557-crore issue in May 2022. Hyundai Motor India, whose ₹27,859-crore IPO was the country’s largest before Jio, declined 7.12% on listing in October 2024. Tata Capital recorded a more modest gain of 1.35%.

The National Stock Exchange of India’s ₹22,562-crore IPO, which listed last month, delivered a gain of 1.85% over its issue price of ₹1,785. Against this backdrop, Jio’s debut marks a notable break from the subdued performances of several recent mega offerings.

Jio overtakes Airtel; Reliance Group tops Tata

At its listing price, Jio Platforms commanded a market capitalisation of around ₹12.5 lakh crore, making it India’s second-most valuable listed company after parent Reliance Industries. It also moved ahead of Bharti Airtel, valued at approximately ₹12.08 lakh crore, to become the country’s most valuable listed telecom company.

The listing has reshaped the rankings among India’s largest business groups. Reliance Industries’ market capitalisation stood at around ₹16.15 lakh crore. Combined with Jio’s valuation, the Reliance Group’s market value crossed ₹28 lakh crore, overtaking Tata Group’s estimated ₹26 lakh crore.

Investor demand had been strong ahead of the debut. The IPO was subscribed 22.19 times, with bids for 438.26 crore shares against 19.75 crore shares on offer. It attracted around 1.37 crore applications, underlining the scale of participation in one of India’s most closely watched public offerings.

The listing also gives investors a direct route to participate in Jio’s telecom and digital business, previously reflected within Reliance Industries’ consolidated valuation. Its operating scale is anchored by Reliance Jio Infocomm, which had around 533 million subscribers as of June 2026.