Jio Platforms made a powerful stock market debut on Wednesday, closing 26.81% above its issue price and pushing the combined market value of listed Reliance companies above that of listed Tata companies.
The shares opened more than 21% above the issue price of ₹1,119 and climbed further during the session to close at ₹1,417 on the National Stock Exchange. Jio Platforms ended the day with a market capitalisation of about ₹13 trillion, making it India’s second-most valuable company behind its parent, Reliance Industries.
The listing also moved Bharti Airtel to the third position among India’s most valuable companies. The combined market capitalisation of listed Reliance Group companies crossed ₹30.2 trillion, compared with ₹25.3 trillion for listed Tata companies, according to the report.
The debut came despite a weaker broader market. The Nifty declined 0.22% to close at 22,698.85, while Jio Platforms recorded traded value of ₹24,276.24 crore, nearly a fifth of the more than ₹1.28 trillion traded on the NSE during the session.
Akash Ambani, managing director of Jio Platforms, said at the listing ceremony that the company’s first decade had focused on expanding access to data and digital services. He said the company’s next phase would focus on technologies including artificial intelligence, cloud computing, connected devices, satellite connectivity and other digital services.
The listing marks a significant transition for a company that has reshaped India’s telecom market since its entry. Jio’s expansion helped reduce data tariffs, accelerated the adoption of mobile internet and contributed to consolidation in the telecom industry. Its public-market valuation now gives investors a separate way to assess the digital and connectivity businesses that sit within the wider Reliance Group.
Interest in the stock remained high after the debut. The shares recorded a deliverable quantity of 71%, indicating that a substantial proportion of traded shares were transferred rather than squared off within the session. K. Suresh, a former president of the Association of National Exchanges Members of India, said both allotted investors holding their shares and investors who missed the allotment buying in had supported the price.
The National Stock Exchange placed Jio Platforms in Group 1 securities, a classification for highly liquid stocks. Brokers subsequently began offering margin trading facilities on the shares, allowing eligible investors to take leveraged positions.
Reliance Industries, however, fell 3.19% to ₹1,158 on the same day. Market analysts attributed the decline to a holding-company discount, a valuation adjustment that can occur when a subsidiary is separately listed and investors reassess the value already reflected in the parent company’s stock.
The bell-ringing ceremony was conducted at 10 a.m. by Akash Ambani and Isha Ambani at the NSE. The next phase for Jio Platforms will be tracked through its performance as a separately listed company and its execution across telecom, cloud, artificial intelligence, connected devices and digital services.
