Jio Platforms Extends Record IPO Rally as First Earnings Show Growth

Jio Platforms entered the market with extraordinary demand. Its IPO drew a record ₹7 lakh crore in bids and was subscribed about 22 times, Business Line reported on October 26.

The offer closed on October 23. Business Line put its size at ₹30,213 crore, with shares priced at ₹1,119 at the upper end of the offer range. Allotments were out by October 27, ahead of trading the following day.

The listing also advanced a broader shift at Reliance Industries. According to World News CNA, it furthered Mukesh Ambani's plan to turn Jio's parent from an oil and chemicals conglomerate into a business spanning consumer services and technology.

On October 27, unofficial trading pointed to a strong opening. Bloomberg reported that gray market prices indicated a gain of about 22%, although those prices were not an exchange trading result.

On October 28, Jio listed at ₹1,358 on the BSE and NSE, a 21.36% premium to its issue price, according to Inc42. News india gave a slightly different opening figure of ₹1,359. Both accounts put the debut gain at about 21%.

The opening valuation made Jio India's second most valuable listed company, behind Reliance Industries, TechCrunch reported. The Hindu put its market capitalisation at ₹12.5 lakh crore, displacing Bharti Airtel from second place.

The listing ceremony brought a more personal moment. Mukesh Ambani fought back tears as Isha, Akash and Anant spoke about the family's journey, according to Business Line. Indian Express reported that Anant spoke about his grandfather Dhirubhai Ambani's dream becoming reality for millions of Indians.

The rally continued on October 29, with Business Line reporting a 5% rise during the second trading day. By October 30, Economic Times reported that the shares were more than 28% above their IPO price across three sessions.

Jio now has its first earnings report since the flotation. On October 30, Bloomberg Technology reported a 14% rise in profit as the company added higher-paying subscribers.

The market reception has also strengthened expectations for other large Indian offerings. Bloomberg reported that enthusiasm for Jio's debut was encouraging momentum for potential listings by some of the country's largest privately held companies. That is a signal of investor appetite, not confirmation that those deals will happen.

Attention now turns to the earnings drivers behind the valuation. Economic Times reported that Nomura, Motilal Oswal, Dolat Capital and Elara Capital remained positive, citing tariff increases, 5G monetisation and broadband expansion.

Those are brokerage expectations rather than guaranteed outcomes. The next test is whether Jio can keep adding higher-paying subscribers and translate those opportunities into further profit growth after its strong market opening.