Jio Platforms lists on the BSE and NSE today after a ₹30,213 crore IPO subscribed 22.19 times. Grey market signals point to a listing near ₹1,366, against an issue price of ₹1,119.
Updated: October 28, 2026, 11:45 AM IST
Quick Read:
- Jio Platforms shares list on BSE and NSE on October 28, after the IPO ran October 21-23 and allotment was finalised October 26.
- The issue price is ₹1,119 per share. Grey market premium of about ₹247-248 points to a listing near ₹1,366-1,367 — unofficial, not a price.
- At the issue price, Jio Platforms is valued at about ₹10.3 lakh crore, among India’s most valuable companies.
One of India’s biggest debuts
Jio Platforms, the digital services arm of Reliance, makes its stock market debut today. The company’s ₹30,213 crore IPO opened on October 21 and closed on October 23. Allotment was finalised on October 26, and shares were credited to demat accounts on October 27. The issue was subscribed 22.19 times in total. Qualified institutional buyers led demand, subscribing their portion 70.55 times. Non-institutional investors subscribed 14 times. Retail investors subscribed 2.72 times. That pattern — institutions far ahead of retail — is common in very large IPOs, where big funds take the bulk of the issue. At the issue price of ₹1,119, Jio Platforms commands a valuation of about ₹10.3 lakh crore, Business Today reported. That puts it among India’s most valuable listed companies from day one.
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What the grey market says — and what it does not
Ahead of listing, Jio shares commanded a grey market premium (GMP) of about ₹246-248, the Economic Times and IPOji reported on the morning of October 28. That points to an indicative listing price of about ₹1,366-1,367 — roughly 22 per cent above the issue price. For an investor allotted one lot of 12 shares, that would mean a listing gain of about ₹2,950, the Economic Times calculated. But GMP is unofficial. It is not a traded price, it can swing sharply before trading begins, and the actual listing price depends on demand in the opening session. Treat ₹1,366 as a signal, not a promise. The National Stock Exchange also said Jio shares will be available under the Margin Trading Facility (MTF) from day one, and classified the stock under Group 1 securities — the category of highly liquid stocks eligible for margin trading. That matters for traders, not for long-term holders, but it shows the exchanges expect heavy trading from the start.
What brokerages think
Japanese brokerage Nomura started coverage with a Buy rating and a target price of ₹1,340 per share — about 20 per cent above the IPO price. Nomura pointed to steady tariff hikes, growth in home broadband, and improving free cash flow. Nomura’s numbers explain why investors are excited: Jio holds about 42 per cent of India’s wireless subscribers, 60 per cent of data traffic, and 43 per cent of home broadband, the brokerage said. It also expects Jio’s EBITDA to grow about 13.5 per cent a year between FY26 and FY29. Other brokerages, including Motilal Oswal, Emkay and Systematix, recommended subscribing to the issue, NDTV Profit reported. Motilal Oswal recommended the stock for both listing gains and the long term. On valuation, one comparison stands out: at ₹1,119, Jio trades at about 33 times its FY26 earnings, against about 41 times for Bharti Airtel, according to analyst estimates quoted by the Economic Times. Jio looks cheaper than Airtel on that measure — but Airtel has higher current average revenue per user (ARPU) and better return on capital, the same reports noted. Neither fact alone settles whether the stock is cheap or dear.
What to watch today
First, the listing price itself, when trading opens. Second, whether the stock holds any early gain through the day — many large IPOs pop at open and fade. Third, the September subscriber data released by TRAI: Reliance Jio added 27.13 lakh mobile users in September, taking its wireless tally to 51.11 crore, just ahead of Bharti Airtel’s 26.92 lakh additions. For retail investors, the simple rule still applies: a grey market premium is not a return, and a first-day pop is not a verdict on the company. The listing is day one of a long story, not the story itself. For the wider market backdrop, see US Fed holds rates: what a December hike means for India.
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FAQ
Q: When does Jio Platforms list, and at what price?
A: Jio Platforms lists on BSE and NSE on October 28, 2026. The IPO issue price is ₹1,119 per share. The actual listing price is set by market demand at open.
Q: What does the grey market premium of ₹247 mean?
A: It is an unofficial signal that traders expect a listing near ₹1,366. It is not a traded price and can change fast. The real price is whatever the market sets at open.
Q: How big was the Jio IPO?
A: ₹30,213 crore, subscribed 22.19 times overall — 70.55 times by institutions, 14 times by non-institutional investors, and 2.72 times by retail investors.
Sources: Economic Times (GMP, MTF, subscription, October 28, 2026); Business Today live (listing, valuation, October 28); NDTV Profit live (broker views, TRAI data, October 28); Nomura initiation (target ₹1,340, via TradingView/Moneycontrol).
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