Jio Platforms IPO Creates History, Takes Reliance Group Ahead of Tata Group

Jio Platforms made a remarkable debut on the stock market on Wednesday, October 28, emerging as India's second most valuable listed company after its parent, Reliance Industries (RIL). The listing also pushed the Reliance Group ahead of the Tata Group in terms of combined market capitalisation, marking a major milestone for Mukesh Ambani's business empire.

Jio Platforms shares listed at Rs 1,358 on the stock market, representing a 21% premium over the IPO price of Rs 1,119. The stock continued to gain during the session, closing at Rs 1,419, up 27% from the issue price.

Following the rally, Jio Platforms reached a market capitalisation of approximately Rs 13.1 lakh crore. It moved ahead of Bharti Airtel, valued at Rs 12.2 lakh crore, and ranked behind only Reliance Industries, whose market capitalisation stood at Rs 15.7 lakh crore.

Reliance Group Overtakes Tata Group in Market Value

Jio Platforms' stock market debut strengthened Reliance Group's position among India's largest business conglomerates. According to ETIntelligence data cited in the report, the group's combined market capitalisation reached Rs 30.3 lakh crore, surpassing the Tata Group's Rs 25.4 lakh crore.

The development also marked a rare moment in India's corporate history, as the country's two most valuable companies now belong to the same business group. A similar situation was seen during the late 1980s and 1990s, when Tata Steel and Tata Motors, then known as Tisco and Telco, regularly occupied the top two positions by market capitalisation on the BSE.

Record Investor Demand Drives Jio's IPO

Investor interest was a defining feature of Jio Platforms' public offering. The IPO was subscribed more than 22 times, with nearly 1.3 crore investors applying for shares.

The issue was fully subscribed within approximately 100 minutes of opening, making it the fastest IPO subscription in India's history, according to the report.

Jio's listing also attracted attention because existing shareholders, including Reliance Industries and global technology companies Google and Meta, did not sell any shares through the offer. This meant the IPO did not involve an exit by these existing investors.

Jio Platforms Enters the Global Telecom Rankings

With a customer base of approximately 54 crore, Jio Platforms has established itself as a major player in India's telecommunications and digital services markets. Following its stock market debut, the company ranked as the fifth most valuable telecom services provider globally.

The company's market performance also exceeded the indicative listing price of Rs 1,370 derived from trends in the unofficial market. After opening at Rs 1,358, the stock touched an intraday high of Rs 1,424 and a low of Rs 1,357 before closing at Rs 1,419.

Trading activity was substantial, with approximately 19.4 crore Jio shares changing hands across the NSE and BSE on the listing day.

Ambani Family Highlights Jio's Long-Term Vision

The listing ceremony brought together four generations of the Ambani family at the National Stock Exchange. Speaking at the event, Isha Ambani reflected on Reliance Industries' public listing nearly five decades ago, when the company launched an IPO worth Rs 2.8 crore at a valuation of Rs 10 crore.

She recalled Dhirubhai Ambani's vision of allowing ordinary Indians to participate in the country's economic growth by becoming shareholders in the company.

Anant Ambani also thanked investors who had placed their confidence in Jio and paid tribute to Dhirubhai Ambani and Mukesh Ambani for their vision and ambition.

Meanwhile, Jio Platforms Managing Director Akash Ambani outlined the company's technology ambitions for the next decade. These include expanding access to artificial intelligence, cloud computing, connected devices, satellite connectivity and digital services.

He said the company's broader objective was to make transformative technologies accessible to people across India, regardless of their location or language.

What Jio's Listing Means for Reliance

Jio Platforms' successful debut represents more than a strong first day on the stock market. It has increased the combined market value of the Reliance Group, strengthened its position against other Indian conglomerates and demonstrated substantial investor demand for the company's public offering.

The company's future growth will depend on how effectively it expands its digital services and technology businesses while delivering value to shareholders. For now, its market debut has established Jio Platforms as one of India's most significant listed companies.