Shares of Jio Platforms listed on the National Stock Exchange (NSE) at Rs 1,358 a share, a premium of 21.3% from the issue price of Rs 1,119, finally concluding the much-awaited public issue.At this price, the issue garnered a market capitalisation of around Rs 12.5 lakh crore and matched the listing-day premium of 20-25% expected by analysts in comparison to the stock’s price in the unlisted grey market. Its biggest rival, Bharti Airtel, currently has a market cap of Rs 12.2 lakh crore.At 10:15 AM, the stock was trading at Rs 1,357.2 on the NSE, broadly flat from its listing price. The listing ceremony at NSE was attended by key figures from the Ambani family, including Reliance Industries’ MD and Chairman Mukesh Ambani, director Anant Ambani, Reliance Retail MD Isha Ambani, and Reliance Foundation Chairperson Nita Ambani.“My heart overflows with gratitude. Gratitude to every individual, every institutional investor in India and abroad, who made our IPO a blockbuster success,” Akash Ambani said at the listing ceremony, reaffirming the aim to take the company to greater heights, with the IPO being just a “starting line”. He also stated how the public response to the IPO surpassed his expectations.Follow | Jio Platforms Share Price Live Updates: Jio lists at 21% premium, becomes India’s second most valuable companyWith this issue, Jio became the Mukesh Ambani-backed Reliance Industries group’s 12th company to get listed on the stock exchanges. At 10:15 AM, shares of Reliance Industries traded at Rs 1,179.6 on the NSE, down 1.4%. Bharti Airtel was down over 1%. The Nifty 50 index, for context, was down around 1%.Issue detailsThe issue, first announced in mid-2025, aimed to raise Rs 30,213 crores from the public exclusively through a fresh issue. This means all the money raised by the company will go to the company, with none going directly to any of the promoters or shareholders.Out of the amount raised, Rs 27.5 crore will be used by the company to repay the debts of subsidiary Reliance Jio Infocomm, and the rest will be used for ‘general corporate purposes’, Jio’s offer documents had stated.Story continues below this adThe company had set a price band of Rs 1,065-Rs 1,119 a share ahead of the issue and had raised Rs 8,110 crores from anchor investors, with mutual funds subscribing to over 34% of the shares allocated for institutional investors.The IPO received a strong response, with the portion allocated for qualified institutional buyers subscribed nearly 71 times what was available. The non-instututional category was subscribed around 14 times.What analysts expectOriginally started as a telecom business, Jio has since transitioned towards becoming a digital ecosystem with an aim to also offer AI services.“It is India’s largest digital connectivity platform by subscriber base, carrying a majority of the country’s wireless data traffic, with a nationwide 5G network built on proprietary technology and a growing fixed wireless broadband business under JioAirFiber. Digital services span cloud, enterprise solutions and artificial intelligence,” said analysts from Motilal Oswal.Story continues below this adAnalysts cite factors like Jio’s steady growth in average revenue per user (ARPU), earnings, entry into AI services, and a strong cash flow as key strengths for the company. For context, Jio’s ARPU – among the most important metrics in the telecom sector – grew to Rs 214 in FY26 and Rs 215.6 in the April-June quarter (Q1) of FY27, from Rs 181.7 in FY24.While it lags behind Bharti Airtel’s ARPU of Rs 264 in Q1 of FY27, it has a larger subscriber base and a more diversified business, according to analysts.“Jio’s higher market cap comes from the potential it offers in terms of AI services. Meta holds a 10% stake, while Google holds an around 8% stake in the company. They have also signed key partnerships with Jio, which can potentially lead to the company offering attractive AI services in the future through these collaborations,” an analyst at a leading domestic brokerage said.Experts also expect tariff hikes in the immediate future, with Nomura expecting an industry-wide hike of around 15% around November and December. This will aid the earnings of Jio, alongside the rest of the telecom industry.