Reliance Industries’ digital arm Jio Platforms is due to make its stock‑market debut on 28 October 2026 after an IPO priced in a band of ₹1,065–₹1,119 per share. Based on the Bombay Stock Exchange closing figures on 23 October, the company’s estimated market capitalisation at the upper end of that band would be approximately ₹10.3 lakh crore, which would place it behind Reliance Industries, Bharti Airtel and HDFC Bank.
What the grey market is signalling
Unofficial activity in the grey market, however, suggests stronger initial listing sentiment. The grey market premium (GMP) stood at ₹247 per share on 25 October, which implies an indicative listing price of ₹1,366 against the IPO band’s upper end of ₹1,119. That implied listing price translates into an indicative market capitalisation of about ₹12.36 lakh crore.
If Jio Platforms listed at that implied valuation it would overtake Bharti Airtel, whose market capitalisation was reported as ₹11.79 lakh crore as of 23 October, to become India’s second‑most valuable listed company behind parent Reliance Industries, which was valued at around ₹16.1 lakh crore on the same date.
Why this matters for the telecom sector
- Market ranking: a Jio Platforms listing at the implied GMP valuation would reshuffle the pecking order among India’s largest listed companies and consolidate Reliance Group’s market weight.
- Investor sentiment: the sizeable grey‑market premium indicates strong retail and institutional appetite ahead of the official listing, though grey‑market figures are unofficial and do not guarantee listing performance.
- Sector implications: a high listing valuation for Jio Platforms could affect valuations for other telecom and technology firms and alter capital‑raising dynamics in the sector.
The article’s figures emphasise the difference between the official IPO band and unofficial market expectations. The GMP is an indicator of sentiment in the unlisted market and, as the report notes, it does not guarantee the actual listing price or future investor returns. The final ranking among India’s largest listed companies will depend on the price at which Jio Platforms shares list on 28 October and how the stock trades thereafter.
Where Jio Platforms would sit by market capitalisation
| Company | Market capitalisation (approx.) |
|---|---|
| Reliance Industries (parent) | ₹16.1 lakh crore (as of 23 October) |
| Jio Platforms (IPO, upper band) | ₹10.3 lakh crore (estimated at ₹1,119) |
| Jio Platforms (implied from GMP) | ₹12.36 lakh crore (implied listing at ₹1,366) |
| Bharti Airtel | ₹11.79 lakh crore (as of 23 October) |
Analysts and investors will now watch the official listing on 28 October to see whether the grey‑market optimism is reflected on the bourses. The eventual market capitalisation and subsequent trading will determine whether Jio Platforms formally displaces Bharti Airtel in the corporate rankings.
