Jio Platforms logged a ₹26,571 crore turnover on its Wednesday stock market debut, nearly matching its IPO proceeds. The telecom giant saw 19.4 crore shares change hands, making it the most actively traded stock. Shares surged 27%, lifting the company’s market value to ₹13.1 lakh crore, making it India’s second-most valuable firm.
Jio Platforms Ltd.’s blockbuster stock market debut set a new benchmark for trading activity in India, with the telecom giant clocking a combined turnover of ₹26,571 crore on the NSE and BSE on Wednesday. This was nearly 88% of the total turnover of the Nifty 50 constituents and close to the ₹30,200 crore it raised through the country’s largest initial public offering (IPO).
The stock emerged as the most actively traded on Indian bourses, recording a turnover of ₹24,276 crore on the National Stock Exchange (NSE) and another ₹2,295 crore on the BSE. A total of 19.4 crore shares changed hands during the session.
The combined turnover of Nifty 50 companies stood at ₹30,152 crore, according to data compiled from the NSE. Bharti Airtel and Reliance Industries led the pack with turnovers of ₹2,827 crore and ₹2,565 crore, respectively, followed by Larsen & Toubro at ₹2,363 crore.
The extraordinary trading activity accompanied a strong market debut for the telecom operator. Jio Platforms shares surged 27% on Wednesday, defying the lacklustre performance of several major Indian listings and offering investors a rare bright spot amid a broader equity sell-off.
Billionaire Mukesh Ambani’s telecom giant raised ₹30,200 crore through its IPO by selling 27 crore shares. The stock ended its first session at ₹1,417.50 on the NSE, above the Bloomberg consensus 12-month price target of ₹1,373 a share.
At least four brokerages, including Nomura and Motilal Oswal Securities, initiated coverage on Jio Platforms, setting price targets ranging from ₹1,340 to ₹1,435 a share.
The rally lifted Jio’s market capitalisation to ₹13.1 lakh crore, or about $137 billion, making it the world’s fifth-most valuable telecom company by market value, ahead of sector peers Deutsche Telekom AG and Bharti Airtel. It also became India’s second-most valuable listed company, behind only its parent, Reliance Industries.
Nomura initiated coverage with a Buy rating, citing Jio’s extensive 5G coverage, higher data consumption and low customer churn as key competitive advantages. Data usage per subscriber is 27% higher than at Bharti Airtel, positioning Jio to narrow the gap in average revenue per user (ARPU), the brokerage said.
An industry-wide tariff increase of 15% in November–December could provide an immediate boost to ARPU. A shift from flat unlimited plans to tiered pricing, along with premium 5G services and home broadband expansion, could drive further growth, Nomura said in an investor note.
The brokerage estimates that Jio’s earnings before interest, tax, depreciation and amortisation (EBITDA) will grow at a compound annual growth rate of about 13.5% over FY26–FY29.