Grey market signals point to a ₹12.61 lakh crore valuation on debut. That would put Jio behind only Reliance Industries and ahead of Bharti Airtel.
Mumbai, 27 October 2026: The Jio Platforms listing could reshape the list of India’s most valuable companies. Its shares debut on the BSE and NSE on Wednesday, 28 October. Grey market indications suggest Jio could become the country’s second-most valuable listed company.
Key Highlights
- Jio could take the No. 2 spot after Reliance Industries and push Bharti Airtel to third.
- Grey market indications point to a valuation of around ₹12.61 lakh crore.
- TCS could slip out of the top five. No Tata or Adani Group company would then be among the five most valuable listed firms.
Jio Platforms Listing: What the Grey Market Signals
Jio’s IPO was priced at ₹1,119 per share. Grey market premiums are ranging from ₹245 to ₹255. At the midpoint of ₹250, the indicative listing price works out to ₹1,369.
At that price, Jio’s market capitalisation would be about ₹12.61 lakh crore. That is nearly ₹25,700 crore higher than Bharti Airtel’s.
What Jio Needs to Overtake Airtel
Bharti Airtel closed Tuesday on the NSE at ₹1,978.80. That puts its market capitalisation at about ₹12.35 lakh crore. To overtake Airtel, Jio would need to list at around ₹1,342 per share or above.
India’s Projected Top 5 by Market Cap
| Rank | Company | Approx. Market Cap |
|---|---|---|
| 1 | Reliance Industries | ₹16.19 lakh crore |
| 2 | Jio Platforms | ₹12.61 lakh crore |
| 3 | Bharti Airtel | ₹12.35 lakh crore |
| 4 | HDFC Bank | ₹10.49 lakh crore |
| 5 | ICICI Bank | ₹9.96 lakh crore |
Source: NSE market data as of 27 October 2026. Jio estimate based on issue price ₹1,119 and an assumed grey market premium of ₹250. Market caps are approximate.
The list would have two telecom and digital services companies and two private sector banks. The fifth would be one diversified conglomerate. Two Reliance Group companies would also sit in the top five.
TCS Could Slip Out of the Top Five
Tata Consultancy Services could drop to sixth place. Based on Tuesday’s share price, TCS has an estimated market capitalisation of about ₹9.03 lakh crore. The top five would then have no company from the Tata Group or the Adani Group. No Adani Group company is in the top five today.
Why the Actual Listing Price May Differ
The grey market premium is an unofficial indicator. It does not guarantee the price at which a stock will list. Jio’s actual rank will become clear once trading begins on the BSE and NSE on 28 October.
Related reading: [Internal link: Jio Platforms IPO details] | [Internal link: Reliance Industries market cap]
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Disclosure: This article is for information only and is not investment advice. Grey market premiums are unofficial. Please consult a SEBI-registered advisor before investing.
