Jio jumps 27% in debut as SK Hynix results support Asia’s AI trade
Jio Platforms became India’s second-most valuable listed company after a strong debut, while SK Hynix’s record quarterly results reinforced investor confidence in AI-related demand.
Focal Brief
Jio Platforms shares closed about 27% above their issue price in Mumbai on October 28, giving the telecom and digital-services company a market value of roughly ₹13 trillion as Asian AI stocks extended their rebound.
Focal Facts
- Jio listed at ₹1,358, 21.4% above its ₹1,119 issue price.
- The ₹30,213 crore IPO was subscribed 22.19 times.
- SK Hynix reported record quarterly revenue and operating profit, citing demand for AI memory.
Focal Point
The key signal is whether Jio can retain its debut premium after price discovery shifts from scarce IPO shares to evidence that earnings can support its roughly ₹13 trillion valuation.
Jio opened at ₹1,358 on the BSE and NSE, a 21.4% premium to its IPO price, before ending its first session about 27% higher. The debut made the Reliance Industries subsidiary India’s second-most valuable listed company, behind its parent.
Demand had already been strong: the ₹30,213 crore offering was subscribed 22.19 times, according to exchange-linked IPO data. The opening premium raised the valuation investors must now justify through growth in telecommunications, broadband, cloud services and artificial intelligence.
Elsewhere in Asia, SK Hynix said AI-memory demand drove record third-quarter revenue and operating profit. The company said HBM4 sales expanded and long-term agreements covered more than half of its planned 2027-2028 production capacity, offering a concrete demand signal for the AI hardware cycle.
Can Jio’s subsequent earnings sustain its debut valuation while the regional AI rebound broadens beyond memory-chip producers?