India’s largest initial public offering, Jio Platforms Limited, made its market debut on the National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE) on Wednesday (October 28, 2026). The ₹30,200 crore ($3.2 billion) IPO was listed on the exchanges at ₹1,358 per share, a premium of 21.36% compared to the issue price of ₹1,119. 

The IPO received overwhelming responses from both global and domestic investors and set a world record as the first-ever IPO to receive over 1 crore applications and the fastest-subscribing IPO, with the issue fully subscribed within 100 minutes on the opening day (October 21). 

“My heart overflows with gratitude. Gratitude to every individual, every institutional investor in India and abroad, who made our IPO a blockbuster success,” Akash Ambani said at the listing ceremony at NSE.

Jio becomes India’s second-largest company in terms of market capitalisation at ₹12.5 lakh crore, replacing Bharti Airtel.

Broking firms remain positive on the company, India’s largest digital connectivity platform, as the industry is expected to continue to rapidly shape India’s digital journey. JPL is expected to record an increase in revenue growth amid an expected tariff hike of nearly 15%, alongside home broadband (HBB) acceleration, increasing market leadership and pricing power. 

“We believe JPL could trade at a premium to Bharti’s India business over the near term, driven by its market leadership, greater influence over industry tariffs, and low liquidity,” Motilal Oswal Financial Services said in a report.

However, analysts also remain cautious about certain risks, particularly sustainability of the valuation amid intense industry competition, technological disruption, regulatory risks, and dependence on the parent company Reliance Industries Limited (RIL).