Jio Platforms, the digital and telecoms arm of Mukesh Ambani’s Reliance Industries, began trading in Mumbai on Wednesday, Oct. 28, India time, opening at 1,358 rupees a share against its 1,119-rupee offer price, a gain of about 21%. Reuters calls the debut “a roaring start” for India’s biggest-ever initial public offering and notes that it gives Reliance its first listing in two decades (Reuters via Mint; Reuters via Devdiscourse). BSE’s notice to trading members made the shares tradable from Oct. 28 under the code JPL, as part of a special pre-open session for new listings, and Mint reports that the pre-open session started at 9:45 a.m. and regular trading at 10 a.m. India time (9:15 p.m. and 9:30 p.m. PT Tuesday) (BSE notice; NSE circular; Mint).

The outlets this desk read differ by a rupee on the first price. Mint, in its live coverage and in a separate market story, reports a listing price of ₹1,358 on both the BSE and the National Stock Exchange, a 21.36% premium (Mint; Mint). India Today’s live page reports a listing at Rs 1,359 in one entry and, in a later entry, says the shares “settled at Rs 1,358,” a gain of Rs 239 a share (India Today).

At the opening price, Mint puts Jio’s market value at about ₹12.50 lakh crore, which, by Mint’s count, makes it India’s second most valuable listed company behind Reliance Industries, at ₹16.12 lakh crore, and pushes Bharti Airtel, at ₹12.03 lakh crore, to third (Mint). This desk’s own arithmetic, using the 9,209,030,830 shares listed in BSE’s notice, gives about ₹12.51 lakh crore at ₹1,358 (BSE notice). Mint also reports that the opening price already topped the targets of two brokerages that started coverage with “buy” ratings before the debut: ₹1,350 from Motilal Oswal and ₹1,340 from Nomura (Mint; India Today).

Demand for the offering ran far ahead of supply. Reuters reported on Oct. 23, the final day of bidding, that the roughly $3.2 billion issue drew 21.36 times the shares on offer and bids exceeding $77 billion, and that it drew more than 12 million applications, “the highest ever for an initial share sale in India,” according to a Reliance official familiar with the matter (Reuters via Mint). By that Reuters count, qualified institutional buyers bid for 67.15 times their portion and retail investors for 2.76 times theirs (Reuters via Mint). Other reports carry higher final figures: an India Today entry puts the subscription at 22.19 times, with institutions at 70.55 times and retail at 2.72 times, and Mint’s story on the ceremony says the issue drew more than 22 times, more than $78 billion in bids and nearly 14 million applications (India Today; Mint). Mint and India Today give the issue size as ₹30,213 crore, though one India Today entry gives ₹30,189 crore (Mint; India Today).

The Ambani family marked the debut at a ceremony at the National Stock Exchange in Mumbai. Reuters reports that Mukesh Ambani attended with his wife, Nita Ambani, his eldest son, Akash Ambani, Jio’s managing director, and his other children, Isha and Anant, and that Mukesh Ambani wept as Anant traced the history of Reliance and Jio in a speech (Reuters via Mint). According to Mint, Anant recalled his grandfather, Reliance founder Dhirubhai Ambani, working at a petrol pump in Aden with neither money nor connections (Mint). The Economic Times posted ANI video on X of the family celebrating the debut “with a ceremonial gong strike,” and of NSE chief executive Ashish Chauhan saying that Jio “becomes the 12th company from Reliance Industries to list on NSE” (@EconomicTimes on X; @EconomicTimes on X).

AI-generated B-roll · Seems News · not real footage. A six-second silent clip that Seems News made with Grok Imagine: a slow camera push toward a brass gong and mallet on an empty exchange stage as gold confetti drifts down in front of a wall of green and red market bars, with empty chairs at the side. No camera recorded it; it depicts no real person and no real place, and it does not show the National Stock Exchange, the Jio Platforms ceremony or any other real event. For real images, see the lead image and the embedded X videos in this story.

Watch: the Jio listing ceremony on X

The Economic Times posted ANI video from the ceremony at the National Stock Exchange in Mumbai on X on Tuesday night, Pacific time. This desk viewed stills from each clip before embedding. If an embed does not load, it shows as a plain link.

@EconomicTimes on X, Oct. 27 (9:55 p.m. PT): a clip of about 29 seconds showing the Ambani family marking the debut with a ceremonial gong strike, according to the post, which credits ANI and names Jio Platforms as the video source. Credit: @EconomicTimes · original post
@EconomicTimes on X, Oct. 27 (9:51 p.m. PT): a clip of about 1 minute 42 seconds of NSE chief executive Ashish Chauhan speaking at the ceremony, according to the post, which credits ANI. Credit: @EconomicTimes · original post

Akash Ambani told the gathering that the response to the offering had surpassed expectations, Mint reports, quoting him: “Jio aims to democratise every technology that can transform Indian lives, including connectivity from space” (Mint). Isha Ambani, according to the same Mint story, said: “This year, Jio earned about USD 15.5 billion in revenue and about USD 8 billion in real earnings” (Mint). This desk did not verify those figures against Jio’s filings. Reuters adds that major Indian newspapers carried front-page Jio advertisements on Wednesday reading “Thank you, India” (Reuters via Mint).

The parent company moved the other way. Reliance Industries shares traded at Rs 1,177.70 at 10:07 a.m. India time, down 1.55%, according to India Today; Mint reports a fall of about 2%, with an intraday low of ₹1,175 (India Today; Mint). Reuters says the listing furthers Ambani’s plan to turn Reliance from an oil-and-chemicals conglomerate into what the agency calls an “everything company” spanning consumer and technology businesses; Jio’s telecoms business serves more than 530 million customers, and Meta Platforms and Alphabet’s Google back the unit, according to Reuters (Reuters via Mint).

Brokerages and analysts quoted in the coverage offered caution alongside the enthusiasm. Several brokerages called the $108.3 billion valuation attractive, Reuters reports, while flagging competition, heavy capital spending and changes to India’s telecom rules, including on spectrum, licensing and fees, as risks (Reuters via Devdiscourse). Seema Srivastava, a senior research analyst at SMC Global Securities, told Mint: “Strong IPO demand and expectations of listing gains do not guarantee a sustained post-listing rally” (Mint). Ahead of the debut, the unofficial grey market had pointed to a gain of about 22%, according to Reuters (Reuters via Mint).

The listing caps a crowded year for Indian share sales. India has become the world’s busiest IPO market in 2026 by number of deals, with 246 listings so far, though it ranks fourth by money raised, at $13.5 billion, behind the United States, mainland China and Hong Kong, Reuters reports, citing LSEG data (Reuters via Devdiscourse). This desk read the coverage as of about 10:30 a.m. India time (10 p.m. PT Tuesday); Indian markets close at 3:30 p.m. India time (3 a.m. PT Wednesday), so the stock’s first-day close had not come in when this story went live.