Jio Listing: Reliance Industries, Jio Platforms become India's No. 1 and No. 2 most valuable firms

The stock had listed at Rs 1,358, a premium of 21.4 percent, before rising another 4.5 percent from its opening price. Meanwhile, Reliance Industries shares ended Wednesday's session at Rs 1,158, giving the Mukesh Ambani-led conglomerate a market capitalisation of Rs 15.7 lakh crore. The listing also saw Jio Platforms overtake Bharti Airtel to become India's most valuable telecom company by market capitalisation.

Jio Platforms' debut marks a significant development for the Reliance Group, with its parent company and newly listed digital services business occupying the top two positions among India's listed companies. The listing also makes Reliance Group the country's most valuable conglomerate by aggregate listed market capitalisation. According to the latest shareholding figures, public shareholders held 49.56 percent of Reliance Industries as of September 2026, while public shareholding in Jio Platforms stood at 35.52 percent following its IPO.

The two companies now trade independently on the stock exchanges, giving investors separate exposure to Reliance Industries' diversified businesses and Jio Platforms' telecom and digital services operations. However, their market capitalisations cannot simply be added to arrive at the group's underlying economic value, as Reliance Industries continues to hold a majority stake in Jio Platforms. Jio Platforms' strong debut followed overwhelming demand for its Rs 30,213-crore IPO, India's largest public issue.

The IPO was subscribed more than 22 times, with combined investor demand across the public issue and anchor placement exceeding Rs 7.4 lakh crore. The offering was fully subscribed within 95 minutes of opening, while the number of applications exceeded 1.3 crore. At the IPO issue price of Rs 1,119, Jio Platforms had an implied equity valuation of approximately Rs 10.3 lakh crore. Its market capitalisation subsequently climbed to Rs 13.1 lakh crore at Wednesday's closing price.

The company also joined a select group of businesses, including Meta, Alibaba and SpaceX, that achieved equity valuations exceeding $100 billion at the time of their IPOs. The stock market debut gives Jio Platforms an independently traded valuation for the first time, after years of being part of Reliance Industries' broader business portfolio. Brokerages including Motilal Oswal Financial Services and Religare Broking had earlier identified the listing as a potential catalyst for unlocking value at Reliance Industries through independent price discovery for its digital business.

Jio Platforms now serves more than 540 million customers, according to Managing Director Akash Ambani, who has outlined plans to expand the company's digital services beyond telecom into artificial intelligence, cloud computing, connected devices and space connectivity.