Shares of Jio Platforms Ltd (JPL) will hit the stock exchanges on Wednesday morning after the billionaire Mukesh Ambani-owned company successfully concluded the largest initial public offering (IPO) in India’s capital markets history. The Rs 30,200 crore IPO was subscribed 22.19 times, attracting bids for 438.26 crore shares against 19.75 crore shares on offer.
If the grey market trend is anything to go by, Jio shares are expected to deliver a listing gain of more than 20%. Jio Platforms’ grey market premium (GMP) stood at Rs 260 at 7 pm. At the upper end of the IPO price band of Rs 1,119, this implies an indicative listing price of around Rs 1,379 per share, representing a premium of 23.23% over the issue price.
However, it is worth noting that, the GMP does not guarantee the actual listing price or investor returns.
Upon listing, Jio is expected to become one of India’s most valuable listed companies. At the upper end of the IPO price, Jio is valued at approximately Rs 10.3 lakh crore, slightly lower than the current valuation of HDFC Bank, the country’s third most valuable company. If Jio shares manage to list at a 23% premium, in line with the GMP, it can even surpass the m-cap of its biggest rival - Bharti Airtel - and become the country’s second most valuable company. At present, Reliance Industries Ltd, at a market capitalisation of Rs 16.18 lakh crore, is the country’s most valuable listed company.
The total demand for Jio’s IPO, including the anchor book, stood at a whopping Rs 7.4 lakh crore. In the public subscription categories, the IPO raised Rs 4.9 lakh crore, surpassing the comparable demand for LG Electronics India’s 2025 IPO. Jio also became the first company in global stock market history to receive more than one crore individual investor applications for its IPO.
The strong response to Jio’s initial share sale came despite muted sentiment in the broader equity market. The issue was fully subscribed in less than 100 minutes of opening on the first day, a rare feat for a large IPO.
Qualified institutional buyers (QIBs) led the demand, with their portion subscribed 70.55 times. Non-institutional investors subscribed 14 times, while the retail portion stood at 2.72 times. Employee and shareholder quotas were subscribed 2.93 times and 7.63 times, respectively.
Brokerages had recommended subscribing to the IPO, citing Jio's dominant position in India's telecom market and its expanding presence in broadband, enterprise connectivity and digital services. The company delivered Revenue/EBITDA/PAT CAGR of 15.8%/16.2%/18.5%, respectively, during the FY24-FY26 period, with earnings growth outpacing revenue growth due to operating leverage and improving scale, said SBI Securities in a note.
Geogit Investments said that at the upper price band of Rs 1,119, Jio is valued at 15x FY26 EV/EBITDA on a post-issue basis, implying a premium to industry peers. It added that the premium is justified by Jio’s market leadership, improving monetisation, strong cash flow generation, and substantial long-term optionality beyond its core telecom business.
