Jio Platforms is poised for a historic stock market debut, with its shares scheduled to list on the National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE) on Wednesday (October 28). The company has completed its Initial Public Offering (IPO) at a valuation of Rs 10.3 lakh crore, issuing 27 crore new shares at Rs 1,119 apiece. At this valuation, Jio Platforms ranks as India’s fourth-largest company by market capitalisation, behind its parent, Reliance Industries, valued at Rs 16.2 lakh crore, Bharti Airtel at Rs 12.2 lakh crore and HDFC Bank at Rs 10.6 lakh crore.
The IPO marks a significant moment for India’s capital markets, as no company has previously launched an IPO at a valuation exceeding Rs 10 lakh crore, according to the information provided.
Jio Platforms could become India’s second-most valuable company
Investor demand for the IPO and the reported grey market premium have fuelled expectations of a strong listing. However, the actual listing price will depend on market conditions and investor sentiment when trading begins. If Jio Platforms shares list at a 20 per cent premium to the issue price of Rs 1,119, they would debut at approximately Rs 1,340 per share. At that price, the company’s market capitalisation would exceed Rs 12.3 lakh crore, potentially making it India’s second-most valuable listed company, behind Reliance Industries.
Reliance Group valuation may cross Rs 27 lakh crore
Jio Platforms’ listing is also likely to strengthen the position of the Mukesh Ambani-led Reliance Group in India’s corporate arena. Based on the IPO valuation, Reliance Industries and Jio Platforms would have a combined market capitalisation of more than Rs 26.5 lakh crore, using the individual valuations of Rs 16.2 lakh crore and Rs 10.3 lakh crore, respectively.
If Jio Platforms lists at a 20 per cent premium and its market capitalisation rises above Rs 12.3 lakh crore, the combined value of the two companies could exceed Rs 28.5 lakh crore, bringing the group closer to the Rs 30 lakh crore milestone.
How Reliance compares with Tata and Adani groups
The combined market capitalisation of all 32 publicly listed Tata Group companies stood at approximately Rs 25.7 lakh crore as of October 27, 2026, according to the figures provided. Meanwhile, the 11 publicly listed Adani Group companies had a combined market capitalisation of around Rs 16.6 lakh crore.
At its IPO valuation, Jio Platforms could take the combined market value of Reliance Industries and Jio Platforms beyond the Tata Group’s reported total. A strong listing could widen that gap further, potentially setting a new benchmark for the valuation of an Indian corporate group.ย The actual market capitalisation of Jio Platforms after listing will depend on its share price once trading begins.
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