Equities

Jio shares are indicated about 22% above the IPO price in India's gray market

Unofficial trading points to a possible strong debut for Jio Platforms' $3.1 billion IPO, which drew more than ₹7 lakh crore in bids. The shares list on the BSE and NSE on Wednesday.

By Marcus Rodriguez · Oct 27, 2026, 1:55 AM EDT

Why it matters: Gray-market prices point to a debut about 22% above the ₹1,119 issue price for Jio's record IPO, but they're unofficial and may change before Wednesday's listing.

For information only, not investment advice.

Shares of Jio Platforms are indicated about 22% higher in India's gray market, the unofficial trading that goes on before a stock lists, Bloomberg reported. Per Bloomberg, that is fueling hopes of a big debut pop for investors who landed shares in the $3.1 billion IPO, which it calls an India record.

ET Now, citing websites that track the unlisted market, put the gray-market premium at ₹245 a share over the ₹1,119 issue price. That implies a listing at ₹1,364, a potential gain of 21.89%, though the premium can change before Wednesday's debut.

The ₹30,213 crore offering drew more than ₹7 lakh crore in bids across 1.38 crore applications, The Hindu BusinessLine reported. Institutional buyers subscribed 70.55 times and retail investors 2.72 times. At ₹1,119 a share, BusinessLine says, Jio is valued at about ₹10.3 lakh crore, or around $109 billion, the most valuable company to list on Indian exchanges. Reliance Industries will hold about 64.5% after the issue, and the shares are scheduled to list on the BSE and NSE on Wednesday, Oct. 28.

The usual caveat applies, and Mint spells it out:

It is important to note that GMP reflects informal, unofficial market activity before listing. It is not an exchange-published price, and it may change with market sentiment, investor demand and broader market conditions.

Tags: ipo · valuation