Jio Platforms shares to list on BSE, NSE tomorrow; GMP signals 22% premium

Shares of Jio Platforms are set to list on the BSE and NSE on Wednesday, October 28, 2026. The IPO is commanding a grey market premium (GMP) of around 22%, signalling expectations of potential listing gains.

The Rs 30,213-crore IPO was priced in a band of Rs 1,065–1,119 per share. At the upper end of the price band, the issue values Jio Platforms at approximately Rs 10.3 lakh crore, placing it among India’s most valuable companies. The public issue comprised 27 crore fresh equity shares, with no offer-for-sale (OFS) component.

The IPO opened for subscription on October 21 and closed on October 23, 2026, receiving an overall subscription of 22.19 times. Qualified institutional buyers (QIBs) led the demand, subscribing to 70.55 times their allotted portion. The non-institutional investor (NII) category was subscribed 14 times, while the retail investor portion received 2.72 times subscription.


Jio Platforms plans to utilise up to Rs 27,500 crore from the net proceeds to repay or prepay borrowings of its subsidiary, Reliance Jio Infocomm. The move aims to reduce the subsidiary's debt burden.

Ahead of the public issue, the company raised Rs 8,110 crore from anchor investors on October 19. The anchor book attracted prominent domestic and global institutional investors, including LIC, BlackRock and Fidelity.

Jio Platforms is looking to diversify its revenue streams beyond its capital-intensive 5G rollout. Its focus areas include home broadband, enterprise services, cloud computing and artificial intelligence (AI), which could provide additional avenues for growth.

Read more: Jio IPO: Can India’s biggest-ever issue buck the trend of muted listing gains among mega IPOs?

Retail investors could apply for a minimum of 12 shares, requiring an investment of Rs 13,428 at the upper end of the price band. The company's shares are scheduled to list on the BSE and NSE on October 28, 2026.

Kotak Mahindra Capital Co. Ltd., Morgan Stanley India Co. Pvt. Ltd., BOFA Securities India Ltd., Axis Capital Ltd., BNP Paribas, Citigroup Global Markets India Pvt. Ltd., CLSA India Pvt. Ltd., DAM Capital Advisors Ltd., Goldman Sachs (India) Securities Pvt. Ltd., HDFC Bank Ltd., HSBC Securities & Capital Markets (India) Pvt. Ltd., ICICI Securities Ltd., IIFL Capital Services Ltd., Jefferies India Pvt. Ltd., JM Financial Ltd., JP Morgan India Pvt. Ltd., SBI Capital Markets Ltd., UBS Securities India Pvt. Ltd., 360 One WAM Ltd. are the book running lead manager and Kfin Technologies Ltd. is the registrar of the issue.

Jio IPO GMP Today

Jio Platforms’ shares commanded a grey market premium (GMP) of around Rs 246 per share, or 22%, over the upper end of the IPO price band of Rs 1,119. Based on this premium, the estimated listing price is approximately Rs 1,365 per share, indicating a potential gain of around 22% over the issue price.

However, the GMP is an unofficial indicator of market sentiment and does not guarantee the actual listing price or investor returns. It can fluctuate significantly ahead of the stock’s market debut.

Jio IPO valuation and financial performance

At the upper price band of Rs 1,119, the valuation is below Bharti Airtel's trailing earnings multiple of about 40.7 times, although differences in profitability, return on capital and business mix remain important considerations.

Jio reported revenue from operations of Rs 1.46 lakh crore in FY26, compared with Rs 1.28 lakh crore in FY25. Its net profit increased to Rs 30,049 crore from Rs 26,109 crore, while EBITDA rose to Rs 76,255 crore from Rs 64,170 crore. Average revenue per user increased from Rs 181.7 in FY24 to Rs 214 in FY26 and Rs 215.6 in the June quarter.

Further tariff increases, premiumisation of mobile plans and growing demand for broadband services could support earnings, although management has said it intends to focus on offering more services rather than relying primarily on tariff hikes.

About Jio Platforms

Incorporated on November 15, 2019, Jio Platforms Ltd is a technology company focused on digital connectivity, digital services and technology-led solutions in India. It has developed proprietary digital technologies and pan-India connectivity infrastructure to deliver digital services to consumers and businesses. Its subsidiary, Reliance Jio Infocomm Ltd, served 533.3 million customers as of June 30, 2026.

The company operates an integrated technology platform spanning digital connectivity, consumer applications, enterprise solutions, cloud services, the Internet of Things (IoT) and artificial intelligence (AI). Its consumer offerings include mobile and fixed broadband, digital entertainment, cloud storage, virtual PC services and smart home solutions. For enterprise customers, the company provides connectivity, cloud and security solutions, managed services, IoT applications and AI-based services. Its technology capabilities cover network infrastructure, device engineering, software, operating systems and digital applications.

As of June 30, 2026, Jio Platforms’ infrastructure included pan-India 4G and 5G connectivity, fibre connectivity across more than 1,200 facilities and over 100 edge nodes within its networks. Its wireless broadband network covered more than 99% of India’s population. Jio Platforms had 27,932 full-time employees and engaged 63,795 personnel on a contractual basis. Its workforce spans digital product development, technology, business operations, sales and distribution, customer service, network operations and corporate functions.

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