Jio Platforms After the IPO: Listing Gains, First Quarterly Results, ARPU and Valuation, Explained
Jio Platforms listed on 28 October 2026 at Rs 1,358, a 21.4% premium to its Rs 1,119 issue price, after India's largest IPO of about Rs 30,200 crore. Two days later it reported its first results as a listed company: net profit up about 14% to Rs 8,389 crore and ARPU at Rs 218.8. Here is what IPO investors got, what the numbers say and what to watch.
Jio Platforms, the digital and telecom arm of Reliance Industries, is now a listed company. Its IPO, at about Rs 30,200 crore, was the largest in India's history, and its first set of quarterly results as a listed company came out two days after the debut. Here is a plain-English wrap.
The 60-second version
- Listing: 28 October 2026 at Rs 1,358 on NSE and BSE, a 21.4% premium to the Rs 1,119 issue price.
- Day one: Closed around Rs 1,417 to Rs 1,419, giving a market value of roughly Rs 13 lakh crore.
- Rank: India's second most valuable listed company, behind parent Reliance Industries.
- Q2 FY27 results (July-September 2026): net profit up about 13.7% to Rs 8,389 crore; revenue up 11.4% to Rs 40,475 crore.
- ARPU: Rs 218.8 a month, up from Rs 211.4 a year ago.
The IPO in numbers
| Detail | Figure |
|---|---|
| Issue size | About Rs 30,200 crore (27 crore shares, all fresh issue) |
| Price band | Rs 1,065 to Rs 1,119 |
| Final issue price | Rs 1,119 |
| Lot size | 12 shares (Rs 13,428) |
| Subscription window | 21 to 23 October 2026 |
| Overall subscription | About 21 to 22 times |
| QIB / NII / retail | About 67x / 14x / 2.8x (day-3 data) |
| Listing date | 28 October 2026 |
| Listing price | Rs 1,358 (NSE and BSE) |
| NSE symbol | JPL |
Reported issue sizes differ slightly (Rs 30,188 crore to Rs 30,213 crore) between sources. Final subscription figures also vary between about 21.4 and 22.2 times.
What it meant for a retail investor: one lot cost Rs 13,428 and was worth Rs 16,296 at the listing price, a gain of Rs 2,868 before brokerage and tax. Retail demand (about 2.8 times) was far lower than institutional demand (about 67 times).
Because there was no offer for sale, all the money went to the company. Reliance Industries' holding fell from about 66.4% to about 64.5%.
First results as a listed company
Jio Platforms reported its September 2026 quarter results on 30 October. Figures below are from PTI-based reports of the regulatory filing.
| Metric | Q2 FY27 | Year earlier | Change |
|---|---|---|---|
| Net profit | Rs 8,389 crore | Rs 7,379 crore | +13.7% |
| Revenue from operations | Rs 40,475 crore | +11.4% | |
| EBITDA | Rs 21,879 crore | +16.6% | |
| EBITDA margin | 54.1% | +250 basis points | |
| Monthly ARPU | Rs 218.8 | Rs 211.4 | +3.5% |
| Subscribers | 54.24 crore | +7.1% |
Profit also rose about 8% from the June quarter (Rs 7,765 crore). The company added about 91 lakh net subscribers in the quarter.
Note: one live blog reported EBITDA of Rs 20,901 crore. The Rs 21,879 crore figure appears in more reports, but check the company's filing for the definitive number.
Why ARPU matters
ARPU, or average revenue per user, is the single number analysts watch most closely in telecom. It rose because of a better subscriber mix and higher usage, the company said, while promotional offers on fixed broadband held it back. A sharp jump in ARPU usually needs a tariff hike, and Jio has not announced one with these results.
How it fits the bigger Reliance picture
- Listing-day reports put Jio's value at about Rs 12.5 lakh crore to Rs 13 lakh crore, second only to Reliance at about Rs 15.9 lakh crore.
- CNBC-TV18 reported that the listing helped make Reliance India's most valuable business group, ahead of the Tata Group.
- Akash Ambani told employees the listing was "not our destination" but "a new beginning."
What to watch next
- Tariffs: any price increase by Jio, Bharti Airtel or Vodafone Idea.
- Broadband and AirFiber: whether home broadband growth starts lifting ARPU instead of diluting it.
- Index inclusion: large new listings are often added to major indices, which can bring passive fund buying.
- Anchor lock-in expiry: anchor investors' shares unlock in stages after listing, which can add selling pressure.
Should you buy now?
BharatBeat does not give investment advice. Jio is a large, profitable business, but the stock already trades well above its IPO price. Compare its valuation with Bharti Airtel, read the filings, and speak to a SEBI-registered adviser before investing.
Sources: Chittorgarh IPO data, Upstox listing-day and results live blogs, PTI-based results reports carried by ThePrint and YourStory, and CNBC-TV18. Market prices change daily.
Frequently asked questions
›At what price did Jio Platforms list?
Jio Platforms listed on the NSE and BSE on 28 October 2026 at Rs 1,358, about 21.4% above the issue price of Rs 1,119. It ended its first day near Rs 1,417 to Rs 1,419, depending on the exchange.
›How much did Jio IPO investors make per lot?
One lot was 12 shares costing Rs 13,428 at Rs 1,119. At the listing price of Rs 1,358 it was worth Rs 16,296, a gain of Rs 2,868 before charges and tax.
›What were Jio Platforms' Q2 results?
For July-September 2026, consolidated net profit rose about 13.7% year on year to Rs 8,389 crore, and revenue from operations rose 11.4% to Rs 40,475 crore, according to PTI-based reports of the regulatory filing.
›What is Jio's ARPU now?
Monthly average revenue per user was Rs 218.8 in the September quarter, up from Rs 211.4 a year earlier and Rs 215.6 in the June quarter.
›What is the NSE symbol for Jio Platforms?
Jio Platforms trades under the symbol JPL on the NSE, according to listing-day reports.
›Was the Jio IPO an offer for sale?
No. The issue of 27 crore shares was entirely fresh capital, with no offer for sale. Reliance Industries' stake fell from about 66.4% to about 64.5% after the issue.