Jio Platforms made its stock-market debut on NSE and BSE on Wednesday, October 28. Shares debuted at Rs. 1,358, a 21.36% premium to the issue price of Rs. 1,119. The stock then climbed to Rs. 1,420.30 by 3:24 p.m., gaining 26.93% over the issue price.

Akash Ambani, heir of Reliance chairman Mukesh Ambani, stepped into the spotlight as Jio went public. Strong demand for the Jio IPO was reflected in overall subscription of 22.19 times the shares on offer. 

Qualified institutional buyers led with 70.55 times, while retail investors booked 2.72 times their quota. The Rs. 30,213 crore issue, India's largest ever, opened for bids on October 21. Its price band ran from Rs. 1,065 to Rs. 1,119 per share across the three bidding days.

Wealthy bidders in the NII category subscribed 14 times their quota, signaling wide support for the pricing. Shareholder and employee quotas also drew interest, with bids at 7.60 times and 2.93 times, respectively. 

Allottees at Rs. 1,119 booked a paper gain of Rs. 239 per share at the opening price. By afternoon, the paper gain widened to Rs. 301.30 per share as the rally extended.

Jio Platforms' market capitalization crossed Rs. 12.5 lakh crore, overtaking Bharti Airtel and making it India's second-most valuable listed company after Reliance Industries. 

The offer was a fresh issue of 27 crore shares, so proceeds flow to Jio Platforms. Jio Platforms, the digital arm of Reliance Industries, runs the Reliance Jio telecom network and digital services.

The debut offers a sharp contrast to Jio Financial Services, which slid on its 2023 listing. Brokerages stayed positive on Jio, with ICICI Securities earlier flagging strong free cash flow and deleveraging potential. 

Trading volumes and analyst targets will shape the next phase of the Reliance Jio story. Investors now watch whether the Jio Platforms share price holds above Rs. 1,400 in coming sessions.

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