Jio IPO ends Tata's reign as India's most valuable group

Picture Credit: by Business Line

Jio Platforms’ strong stock market debut has propelled its parent, Reliance Industries, past Tata Group to become India’s largest conglomerate by market value.

Shares of Jio Platforms surged nearly 27% on their first day of trading on Wednesday, giving the digital company a valuation of more than 13.05 trillion rupees (approximately $137 billion). The rally pushed the combined market value of Reliance Group beyond 30.5 trillion rupees, surpassing Tata Group’s 25 trillion rupees, according to Bloomberg data.

Tata Group had held the top position for most of the past decade, making the shift a significant development in India’s corporate landscape.

Jio’s debut also strengthened its position in the global telecommunications industry. With its new valuation, the company overtook Deutsche Telekom and Bharti Airtel to become the world’s fifth-most valuable telecom firm. It is now India’s second-most valuable company in the sector, behind Reliance Industries.

The listing followed India’s largest-ever initial public offering, which raised $3.1 billion. Investor demand was strong, with the offering reportedly oversubscribed 22 times and fully subscribed in less than 100 minutes. Its first-day performance also defied the weaker track record of major IPOs in the Indian market.

The debut was a significant milestone for Reliance chairman Mukesh Ambani, who attended the listing ceremony alongside four generations of his family.

Picture Credit: by Communications Today

The market response comes amid a difficult year for Reliance shares, which have fallen 26% while India’s benchmark Nifty 50 has declined nearly 13%.

Despite its successful debut, Jio will not immediately enter major Indian stock market indexes such as the Nifty 50. It must first meet the relevant exchange requirements, including the launch of derivatives products linked to its shares.

Jio’s market debut marks a major shift in India’s corporate rankings, strengthening Reliance’s position while placing the company among the world’s most valuable telecommunications businesses.