When Jio Platforms gets listed on Dalal Street tomorrow, it could be among the top two listed companies in India. Considering the premium of 22% to the gray market, its market capitalization is around Rs. 12.5 lakh crore is estimated. In this way, the telecom and digital services company will overtake Bharti Airtel, which currently commands Rs. It is the second largest listed company in India with a market value of Rs 12.25 lakh crore. Jio will be trailed only by its parent Reliance Industries, which has a market capitalization of Rs 16.12 lakh crore.

At the upper end of its IPO price band, Jio Platforms is valued at around Rs. 10.3 lakh crores. If there is an increase of about 15 percent at the time of listing, it will come second. At the same time, according to the gray market premium of 22 percent, its value could reach approximately Rs 12.5 lakh crore. However, gray market figures are only an indication and may differ from the actual listing price. The actual listing price will be known tomorrow at 10 am.

HDFC Bank (market value Rs 10.6 lakh crore) and ICICI Bank (value Rs 9.96 lakh crore) currently come after Bharti Airtel. Other major listed companies in India include TCS, State Bank of India, Bajaj Finance, Larsen & Toubro and Life Insurance Corporation of India (LIC). If this happens, it will be the best debut of any newly listed company in India so far in terms of market capitalization.

The IPO broke many records

1. The IPO of Jio Platforms was the largest in the history of India’s capital market, with an issue size of around Rs. 30,200 crores.
2. For this through anchor and public book-building process a total of Rs. More than 7 lakh crore was demanded.
3. The IPO was fully subscribed within 100 minutes of opening. Its ‘Qualified Institutional Buyer’ (QIB) Rs. 5,500 crore was subscribed in the first 10 minutes.
4. By the end of the third day, the IPO was subscribed 22.2 times, while the QIB tranche was subscribed 70.55 times. There was a demand of 655.68 crore shares against a total of 27 crore shares.
5. Around 1.4 crore applications were received for this issue, including from retail and first-time investors.
6. Jio platform’s IPO received more than 1.38 crore applications, the highest compared to any other IPO in the world.
7. This issue has also achieved a new milestone at the global level. The Jio platform has become the fourth company in the world to achieve an equity valuation of over $100 billion at the time of its IPO, after companies like Meta, Alibaba and SpaceX.
8. As per the IPO offer price, the Jio platform is already valued at an estimated Rs. 10.3 lakh crore (about $109 billion). Thus, it has become one of the five most valuable listed companies in India even before the shares start trading.
9. The IPO consists of 27 crore new shares, and has no ‘offer for sale’ (OFS) component. That is, existing investors do not sell their shares.
10. Jio Platforms will receive Rs. 27,500 crore will be used to repay or prepay its debt, while the remaining amount will be used for general corporate purposes.
11. Post listing, Reliance Group will become India’s largest listed business group by total listed market capitalization.

What do brokerage firms say?

Brokerage firms have advised to invest (subscribe) in this IPO from a medium to long term investment perspective. Motilal Oswal advises to invest in this issue both for listing gain (profit made at the time of listing) and long term investment.

Motilal Oswal said Jio has market leadership, good earnings growth and future opportunities in broadband, enterprise technology and AI. Long-term investors should mainly keep an eye on growth in ARPU (average revenue per user), tariff hikes and earnings growth from digital services.

According to estimates of brokerage firms, per share Rs. At 1,119, the Jio platform is valued at around 33.3 times FY26 earnings. This is about 40.7 times lower than Bharti Airtel’s price-to-earnings multiple. However, Jio’s Return on Capital Employed (ROCE) and Average Revenue Per User (ARPU) are lower compared to Airtel.

Systematix said Jio’s valuation is about 19 percent lower than Reliance Industries’ consolidated valuation. He maintains a positive long-term view on Jio.

The brokerage firm says Jio’s large customer base, its own technology, strong cash generation and multiple growth opportunities provide investors with confidence. In addition, he also pointed out risks related to capital expenditure, competition, regulation and enforcement.