Jio Platforms Shares Extend Gains Post-Listing, Crossing ₹13.7 Trillion Market Cap

Shares of Jio Platforms extended their post-listing gains into the second day, pushing the telecom major's market capitalisation past ₹13.70 trillion during early trade on Thursday. The stock climbed as much as 5 per cent to reach a high of ₹1,490 on the BSE.

Market Debut and Valuation Milestones

The strong performance follows a notable debut where the stock rose 27 per cent on its listing day. From its initial public offering (IPO) price of ₹1,119, the stock has traded roughly 33 per cent higher. With this valuation, Jio Platforms positioned itself as India's second-most valuable listed firm, eclipsing Bharti Airtel, and surpassed the Tata Group to become India's largest conglomerate by market value. Its parent company, Reliance Industries, remains the country's most valuable company with a market cap of ₹15.80 trillion.

Brokerage Coverage and Outlook

Several brokerages initiated coverage with positive ratings on the listing day:

• Motilal Oswal Financial Services (MOFSL): Initiated coverage with a 'BUY' rating and a target price of ₹1,350, highlighting expectations of continued market leadership in India's wireless sector.
• Elara Capital: Issued a 'Buy' rating with a target of ₹1,367, pointing to an integrated technology stack and long-term earnings visibility.

Analysts cited by reports project continued growth in India's wireless industry, supported by rising digital service adoption.

IPO Subscription Details

The public offering saw significant investor participation:

• Overall Subscription: Reached 22.19 times the shares on offer.
• Total Demand: Exceeded ₹7.4 trillion across public and anchor allocations, raising ₹30,213 crore.
• Institutional Demand: Qualified institutional buyers (QIBs) subscribed 70.55 times.
• Other Categories: Non-institutional investors subscribed 14.09 times, retail portion 2.72 times, employee category 2.93 times, and shareholder category 7.60 times.

The IPO, consisting entirely of a fresh issue of shares, reportedly became the first globally to cross one crore applications. Proceeds are slated for debt repayment at its telecom subsidiary and general corporate purposes.

Verification and Disclaimer

Reliance Jio operates as India's largest wireless operator by subscriber base and revenue, reporting 533.3 million subscribers as of June 2026. Readers can verify official financial disclosures and exchange filings directly through BSE or NSE portals.