Jio Platforms opened at ₹1,358 on the National Stock Exchange and Bombay Stock Exchange on Wednesday, a premium of 21.36% over its ₹1,119 issue price, and CNBC reported shares rose 21.5% in the session.

The listing followed a record ₹302 billion ($3.2 billion) raise, with the issue fully subscribed within 95 minutes of opening on October 21, according to managing director Akash Ambani. Shares were last trading at ₹1,360, per CNBC.

The IPO, which ran October 21–22, drew bids for 22.19 times the shares on sale — TechCrunch calls it India's most subscribed stock offering on record, with more than 13.8 million applications.

Institutional investors led demand: the qualified institutional portion was subscribed 70.55 times while retail investors subscribed just 2.72 times. Including the anchor book, where BlackRock, Capital Group and GIC participated, total demand reached roughly $78 billion, CNBC reports.

The debut valued Jio at about ₹12.5 trillion ($131 billion), making it India's second-most valuable listed company after parent Reliance Industries, according to NSE data cited by CNBC.

TradingView notes Jio and Reliance together account for roughly 95% of the market capitalisation of the group's 11 listed entities. TechCrunch points out the contrast with 2020, when Meta and Google invested at a valuation of up to $65 billion.

Reliance holds over 66% of Jio, with Meta's Jaadhu Holdings near 10% and Google International at 7.7%.

The premium listing defied analysts who flagged the IPO's aggressive pricing: Geojit Investments had noted the ₹1,119 price implied 15 times FY26 EV/EBITDA, a premium to industry peers, per TradingView.

Yet demand overwhelmed the float, and the grey market premium of roughly ₹248 — more than 22% — signalled the strength that materialised.

Fident Asset Management founder Aishvarya Dadheech put it plainly, telling NewsCord: "The IPO price offered a valuation entry point; the listing price reflects a much greater degree of optimism."

Nomura initiated coverage with a buy rating and a ₹1,340 target, implying 19.7% upside to the IPO price, arguing Jio's capex cycle is largely complete and free cash flow should improve sharply, CNBC reports.

Motilal Oswal also initiated with a buy and a ₹1,350 target based on 11.5 times FY29E EBITDA, saying Jio could trade at a premium to Bharti's India business, according to TradingView.

Fundamentals back the case: TechCrunch reports ₹300.5 billion in profit on ₹1.47 trillion revenue in fiscal 2026, both up about 15%.

Up to ₹275 billion of proceeds will repay debt at Reliance Jio Infocomm, which had ₹613.7 billion of borrowings as of June 30, TechCrunch reports, with the rest going to general corporate purposes.

Deven Choksey of DRChoksey FinServ told CNBC that benchmark index inclusion — likely in the MSCI index and Nifty 50 within about six months — should generate demand and shield the share price from early exits by 2021-era investors.

Analysts also see the listing as a turning point: Motilal Oswal says growth now depends on earning more per subscriber through 5G migration and tariff revisions.