Jio Platforms IPO set to debut amid mixed performance of India's mega listings
Jio Platforms' Rs 30,213-crore offering, subscribed over 22 times, will list on Oct. 28, with analysts noting its fresh-issue structure and strong institutional demand could help it avoid the first-day losses seen in earlier large IPOs.
Jio Platforms' initial public offering, valued at Rs 30,213 crore, attracted bids amounting to 22.19 times the shares on offer and generated a record number of applications. The shares are scheduled to begin trading on the Bombay Stock Exchange and National Stock Exchange on Oct. 28, and grey-market data suggest a premium of around Rs 244, implying a potential listing price near Rs 1,363, about 22% above the issue price of Rs 1,119.
Historically, several of India's biggest IPOs have struggled on debut. Paytm's Rs 18,300 crore issue in November 2021 closed 27.3% below its issue price, wiping out roughly Rs 38,000 crore of investor wealth. LIC's Rs 20,557 crore offering in May 2022 fell 7.75% on the first day, while Hyundai Motor India's Rs 27,870 crore issue in October 2024 dropped 7.2% amid a falling market.
In contrast, LG Electronics India's Rs 11,607 crore IPO in October 2025 opened about 50% higher than its issue price and closed the day near a 48% gain, despite being a pure offer-for-sale. The most recent listing, NSE's Rs 22,563 crore offer, saw a modest 2% rise on debut before slipping below its issue price.
Analysts note that strong oversubscription, especially from qualified institutional buyers, has correlated with better first-day performance, whereas modest demand and choppy market conditions have often led to declines. Jio's IPO, fully a fresh issue of 27 crore shares, will direct proceeds to the company, with up to Rs 27,500 crore earmarked for debt repayment at its telecom arm, Reliance Jio Infocomm.
The broader market context remains challenging, with the Nifty index down about 13.5% year-to-date and trading near its 52-week low, while oil prices stay elevated and foreign investors have been net sellers. Jio's debut also coincides with the U.S. Federal Reserve's policy decision, scheduled after Indian markets close. Whether the strong demand and fresh-issue structure will translate into a positive listing day remains to be seen.