Published: October 29, 2026 • Category: Indian Tech • IPO Financials • By Mahesh

MUMBAI: Shares of Jio Platforms debuted on the NSE and BSE on Wednesday, October 28 at Rs 1,358, a premium of 21.36% to the IPO issue price of Rs 1,119. It closed the session near Rs 1,419, about 27% above the issue price.^[4][5][6] That values the company at about Rs 13.1 lakh crore at the close, on Depth Grid's calculation from about 920.9 crore shares outstanding.^[12] The listing came after an IPO that was subscribed 22.19 times and drew a reported record 1.39 crore applications.^[14][10]

Listing-Day Scorecard

Source: 5paisa, Upstox, HDFC Sky, Tick2Trade and Meyka reports of exchange data.^{[4][5][6][8][9]} Closing figures differ slightly by source and Depth Grid has not verified them against exchange data.

How the Stock Traded

The stock traded flat to slightly lower in the first minutes before buyers lifted it in the afternoon.^[5][6] About 19.4 crore shares changed hands on both exchanges, according to one report.^[9] Depth Grid's own addition of the intraday numbers shows the stock never traded below the Rs 1,357 reported shortly after the open, well above the Rs 1,119 issue price.

Versus the Grey Market and Zetwerk

Source: Ipoji grey market tracker and listing reports.^[15][4][5] Grey market quotes are unofficial and unverified; percentages are Depth Grid calculations.

Zetwerk listed on October 23 at a 5.5% premium and closed about 8.4% below its issue price in one report, after a grey market premium of only Rs 1.^[13] Jio's debut shows the opposite pattern, with a strong listing and a higher close. Both cases show that grey market quotes can miss in either direction. Institutional demand of 70.55 times in the IPO translated into buying on the first day.

Who Gained and by How Much

Depth Grid calculations from the anchor allocation and share count.^[11][12][16] Paper gains are unrealised and ignore taxes and costs.

Reliance Industries held 66.43% of Jio Platforms before the issue and about 64.5% afterwards on Depth Grid's arithmetic, so its stake is now marked at roughly Rs 8.4 lakh crore at the close.^[16][12] Meta and Google, which bought stakes in 2020, also hold shares and sold nothing in this fresh issue.^[16]

Valuation After the Pop

At the issue price of Rs 1,119 the company was valued at about 34 times FY26 earnings, against about 39 times for Bharti Airtel at the time, according to Business Standard.^[16] At the close of about Rs 1,419, the same arithmetic gives about 43 times FY26 profit after tax of Rs 30,049 crore.^[12] The Airtel multiple dates from October 15 and has probably moved, so Depth Grid does not treat the comparison as current.

Management said the full issue proceeds would make the company net-debt-free, with up to Rs 27,500 crore earmarked to repay borrowings of Reliance Jio Infocomm.^[16][11] The first results as a listed company will show whether earnings growth supports a higher multiple.

What to Watch Next

Four items matter in the coming weeks: whether the stock holds above its listing price, the end of the first anchor lock-in, which is typically 30 days after allotment for half the anchor shares, the company's first quarterly results and any change in index treatment.^[1][11] Depth Grid's reports on Q3 global venture funding, sovereign wealth funds in startup investment and startup funding in India, the USA and Europe give context on the capital behind large issues. Our Wall Street weekly wrap covers the global backdrop.

Kotak Mahindra Capital was the lead manager. SEBI's offer documents and the exchange notices remain the final word on terms.

Common Questions and Direct Answers

At what price did Jio Platforms list on October 28, 2026?

Jio Platforms listed at Rs 1,358 on both the NSE and BSE on Wednesday, October 28, 2026, a premium of 21.36% to the IPO issue price of Rs 1,119. That is a gain of Rs 239 per share, equal to Rs 2,868 on a lot of 12 shares. Trading began at 10 AM and the stock hit an intraday high near Rs 1,424.

Where did the Jio Platforms share price close on its first day?

The stock settled 4.49% above its listing price at about Rs 1,419 on the NSE, according to Upstox, which is about 27% above the issue price. Another report put the NSE close at Rs 1,417.50. At the close the market value was about Rs 13 lakh crore on Depth Grid's calculation. Closing figures differ slightly by source.

How did the listing compare with the grey market premium?

A tracker had listed an unofficial premium of Rs 255 on October 27, which implied a price near Rs 1,374. The stock listed about 1.2% below that level and closed about 3.3% above it, on Depth Grid's calculation. Zetwerk, by contrast, listed 5.5% higher on October 23 and closed 8.4% below its issue price, so grey market quotes remain a weak guide.

What is Jio Platforms' valuation after listing?

With about 920.9 crore shares outstanding, the market value was about Rs 12.5 lakh crore at the listing price and about Rs 13.1 lakh crore at the close. Against FY26 profit after tax of Rs 30,049 crore, that is about 43 times earnings at the close, up from about 34 times at the issue price, on Depth Grid's arithmetic.

What happens next for Jio Platforms as a listed company?

Jio plans to use up to Rs 27,500 crore of proceeds to repay borrowings of Reliance Jio Infocomm, which management says would make it net-debt-free. Analysts will watch its first results as a listed company and ARPU trends. Half of the anchor investors' shares are typically locked in for 30 days after allotment and the rest for 90 days.

Primary Sources and Regulatory Filings

1. Securities and Exchange Board of India: offer documents and anchor lock-in rules
2. National Stock Exchange of India: Jio Platforms trading data
3. BSE: Jio Platforms listing announcements and trading data
4. 5paisa: Jio Platforms shares list at Rs 1,358 on NSE at a 21.36% premium
5. Upstox: Jio Platforms IPO listing live updates and closing price
6. HDFC Sky: Jio Platforms shares debut at Rs 1,358 on NSE and BSE
7. InvestingCube: Jio Platforms IPO listing, gain per lot
8. Tick2Trade: Jio Platforms listing, intraday high and market capitalisation
9. Meyka: JPL share price on debut, close and volume
10. India TV: Jio IPO records and applications
11. Business Standard (PTI): Jio Platforms anchor book of Rs 8,109.85 crore
12. IPO Premium: Jio Platforms share count and issue structure
13. Reuters via MarketScreener: Zetwerk slips below IPO price in debut
14. HDFC Sky: Jio IPO subscribed 22.19 times on the final day
15. Ipoji: Jio Platforms grey market premium tracker
16. Business Standard: Jio IPO valuation, Reliance stake and net-debt-free plan

By Mahesh | Depth Grid News Desk | depthgrid.in