Jio Platforms Ltd (JPL) made a strong stock market debut on Wednesday, listing at ₹1,358, a 21.36% premium over its issue price of ₹1,119. The stock extended gains to close at ₹1,417.50, up nearly 4.4% from its listing price.

The debut came amid a weak broader market. The Sensex plunged 995 points in early trade before recovering to close 352.64 points, or 0.48%, lower at 73,246.03. The Nifty settled below 22,700 as rising crude oil prices, selling in IT stocks and caution ahead of the U.S. Federal Reserve’s policy decision weighed on sentiment.

“My heart overflows with gratitude. Gratitude to every individual, every institutional investor in India and abroad, who made our IPO a blockbuster success,” said Akash Ambani, JPL’s managing director, at the NSE listing ceremony.

The ₹32,000-crore IPO was subscribed more than 22 times, attracting demand exceeding ₹7.4 lakh crore. The issue was fully subscribed within 100 minutes of opening on October 21 and received more than one crore applications, setting a record.

With a market capitalisation of around ₹12.5 lakh crore, JPL overtook Bharti Airtel to become India’s second-most-valued listed company after parent Reliance Industries.

Analysts expect revenue growth from potential tariff hikes, broadband expansion, 5G monetisation and rising average revenue per user. However, valuation sustainability, competition, regulatory risks and dependence on Reliance remain concerns.

Jio Platform’s Q2FY27 (July-September) financial results are due on October 30. According to a report by Motilal Oswal Financial Services, the company is expected to deliver EBITDA (Earnings Before Interest, Depreciation, Taxation and Amortisation) of ₹773 billion for FY27, as against ₹698 billion in FY26.

EBITDA margin is projected at 54.7% against 54.2% a year ago. Net income for the financial year is expected at ₹298 billion with revenue at ₹1,412 billion, compared to ₹1,289 billion last year.