Jio Platforms made a strong stock market debut on Wednesday, October 28, 2026, with its shares surging 21.4% following India’s largest-ever initial public offering (IPO). The Reliance Industries-backed company attracted substantial investor interest, with institutional demand playing a major role in the ₹30,200 crore fundraising.
Shares of the telecom and digital services company were last trading at ₹1,357, well above their IPO issue price of ₹1,119. The stock also moved past the ₹1,340 price target assigned by global brokerage Nomura on the day of its listing.
The public offering involved 270 million shares and raised ₹302 billion, approximately $3.2 billion, setting a new record for India’s IPO market.
Investor appetite was particularly strong among institutions. Data from the Bombay Stock Exchange (BSE) showed that the issue attracted subscriptions exceeding 22 times the shares offered. Qualified institutional buyers subscribed 70.55 times their allocated portion, while retail investors subscribed 2.72 times.
The enthusiasm was evident from the opening day of the subscription period. Jio Platforms Managing Director Akash Ambani said the IPO was fully subscribed within 95 minutes of opening on October 21.
The listing also drew attention from brokerage analysts. Nomura initiated coverage of Jio Platforms with a buy rating and a target price of ₹1,340, representing a potential gain of 19.7% over the IPO price.
The brokerage’s positive assessment was based partly on expectations of improving cash generation. Nomura said Jio’s major capital expenditure cycle was largely complete, potentially allowing the company to deliver a substantial improvement in free cash flow.
However, the stock’s early trading price of ₹1,357 had already exceeded Nomura’s target, highlighting the strength of the initial market response.
Jio Platforms’ shareholder base includes some of the world’s largest technology companies alongside its controlling shareholder, Reliance Industries.
According to LSEG ownership data, Mukesh Ambani-led Reliance Industries holds more than 66% of Jio Platforms. Meta Platforms, through its affiliate Jaadhu Holdings, owns nearly 10%, while Google International holds a 7.7% stake.
The participation of Meta and Google places the newly listed company at the intersection of India’s telecommunications and digital services sectors and major international technology investment.
Jio Platforms’ debut follows an IPO marked by heavy institutional subscriptions and rapid investor participation. While the first-day rally reflects strong initial demand, the company’s longer-term stock performance will depend on whether its business delivers the cash flow improvements anticipated by analysts.
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