Summary:
Reliance Industries shares have shown mixed movement ahead of Jio Platforms’ reported IPO listing. Strong subscription demand and FY26 growth figures have drawn investor attention, but Jio’s listing valuation, Reliance’s retained stake, earnings, debt and broader market conditions remain key drivers.
Reliance Industries Limited is gaining investor attention as its digital arm, Jio Platforms, is set to launch in the stock market on October 28, 2026. India’s biggest initial public offering ever, at ₹30,213 crore, saw strong institutional demand. But Reliance shares have shown mixed performance during the IPO period, leaving the next move of the stock in question.
Jio Platforms IPO subscribed 22.19 times; issue size ₹30,213 crore
Jio Platforms’ IPO opened on October 21 and closed on October 23, 2020. The company had offered 27 crore fresh equity shares in a price band of ₹1,065-₹1,119 a share, valuing the business at about ₹10.3 lakh crore at the upper end.
The issue received bids for about 438.26 crore shares against 19.75 crore shares on offer for subscription. The demand was led by institutional investors, while the retail portion saw more applications than shares available.
Key IPO statistics:
- Size of issue: ₹30,213 crore
- Total subscription: 22.19 times
- Institutional subscription: 70.55-fold
- Retail sub: 2.72x
- Listing scheduled for October 28, 2026
The company will use about ₹27,500 crore toward repayment/prepayment of borrowings and the balance proceeds for general corporate purposes.
Why did Reliance shares drop even with heavy demand for the IPO?
Shares of Reliance witnessed massive volatility during the subscription period of the Jio Platforms IPO.
The stock closed at ₹1,209 on Oct. 21, up 0.58%. However, on October 22, selling pressure came into play and pushed shares down 2.03% to ₹1,184.50. The stock then went up to ₹1,190 on October 23 and ₹1,201.80 on October 26.
The move indicates that strong subscription numbers for IPOs did not translate into continuous buying in Reliance shares.
Another point to consider is the standalone market valuation that Jio will get post listing. Investors will have the opportunity to judge Jio on its own rather than getting exposure only through the diversified businesses of Reliance.
But the trading data available doesn't show the decline was caused by the IPO itself.
Reliance is also battling with wider market factors like movements in crude oil prices, foreign institutional flows and performance across its energy and retail operations.
Jio Platforms financials: Revenue, profit growth
Jio Platforms reported revenue from operations of ₹1,46,885 crore in FY26 compared to ₹1,28,218 crore in FY25, a growth of ~14.6%.
Profit after tax jumped from ₹26,109 crore to ₹30,049 crore, indicating around 15.1% year-on-year growth. EBITDA grew by ~18.8% to stand at ₹76,255 crore.
The business continues to grow in mobile connectivity, broadband, cloud services and digital infrastructure.
The customer base touched 52.44 crore in FY26, while the average revenue per user (ARPU) stood at ₹214 per month in Q4 FY26.
Reliance share price: Jio listing is done, what next?
Reliance shares closed at ₹1,201.80 on October 26, below the 52-week high of ₹1,611.80.
The listing of Jio would give a public market valuation to Reliance’s digital business and make it easier to gage its contribution to the overall valuation of the parent company.
Immediate focus will be on Jio’s listing price, its post-listing trading activity and Reliance’s retained ownership.
The IPO has attracted strong investor interest, but Reliance’s future share price performance will also depend on earnings growth, capital expenditure, debt levels and its other businesses.
