Shares of Reliance Industries (RIL) rose nearly 3% on Wednesday as Jio’s Rs 30,213 crore IPO opened to strong demand, getting fully subscribed within an hour.

RIL shares climbed to Rs 1,234 on the NSE, recovering over 7% from their 52-week low of Rs 1,152, hit last week.

Jio Platforms’ much-awaited IPO opened for public bidding with a bang on Wednesday, with the issue getting fully subscribed amid a strong early rush of bids. The qualified institutional buyer (QIB) category saw the most interest so far, being subscribed around 4 times, as seen at around 11:40 am.

Jio Platforms’ unlisted shares were trading at a grey market premium (GMP) of around 25% over the IPO price. The Rs 30,213 crore IPO, priced at Rs 1,065-1,119 per share, will remain open until October 23. At the upper end of the price band, the issue values Jio Platforms at Rs 10.3 lakh crore, placing it among India’s most valuable companies.

While the Jio IPO grabs the headlines, Reliance Industries shareholders may also be reaping the benefits. Arpit Jain, Joint MD at Arihant Capital Markets, said that applying a standard 30% holding-company discount to Reliance's stake in Jio brings its attributable value down to about Rs 4.65 lakh crore. This means investors buying RIL shares are also gaining exposure to businesses such as Reliance Retail, oil-to-chemicals (O2C), new energy and media, which Jain believes could offer attractive value at current valuations.

"Reliance Industries may appeal to investors seeking a diversified investment with potential value-unlocking opportunities across businesses, while Jio Platforms may be more suitable for those looking for focused exposure to India's digital and technology growth story," Jain said.

Paresh Bhagat, Chairman of Mangal Keshav Financial Services, however believes the expected benefits of Jio's listing have already been largely priced into Reliance shares. "We do not expect significant incremental value unlocking from Jio's listing, as the event has already been largely priced into RIL shares," he said. Bhagat said diversification provides RIL with greater earnings stability, although the performance of its energy and other businesses will continue to influence returns.

Reliance Industries shares have gained over 4% in a week but are down around 2% in a month and 22% so far in 2026. The stock has fallen 16% over the past year.

Over three years, the shares have gained just over 6%, but are down around 7% over five years.