Mumbai, Oct 27:Jio Platforms could emerge as India's second-most valuable listed company after its stock market debut on Wednesday, potentially overtaking Bharti Airtel and reshaping the country's corporate market-capitalisation rankings.

Based on prevailing grey market indications, Jio Platforms could command a market capitalisation of around ₹12.61 lakh crore, putting it ahead of Bharti Airtel's estimated ₹12.35 lakh crore. Reliance Industries would continue to hold the top position, with a market value of approximately ₹16.19 lakh crore.

Jio's initial public offering (IPO) was priced at ₹1,119 per share. Grey market indications suggest a premium of ₹245-255 per share. At the midpoint of this range, the indicative listing price works out to ₹1,369, potentially valuing the company above Airtel.

For Jio to overtake Airtel in market capitalisation, its shares would need to list at around ₹1,342 or higher, based on the estimates provided. Airtel's last traded price on the NSE on Tuesday stood at ₹1,978.80.

Jio listing could reshape India's top-five rankings

If the grey market indications hold, Reliance Industries would remain India's most valuable listed company, followed by Jio Platforms, Bharti Airtel, HDFC Bank and ICICI Bank.

HDFC Bank had an estimated market capitalisation of ₹10.49 lakh crore, while ICICI Bank's market value stood at approximately ₹9.96 lakh crore.

The potential reshuffle would bring two Reliance Group companies into India's top five, alongside two private-sector lenders and a major telecom and digital services business. It would also underline the growing importance of telecommunications and digital infrastructure in the country's corporate landscape.

The estimates, however, are indicative and could change depending on Jio's actual listing price and movements in the share prices of other companies.

TCS could slip out of the top five

Jio's potential entry into the top two could also push Tata Consultancy Services (TCS) out of India's five most valuable listed companies.

TCS had an estimated market capitalisation of around ₹9.03 lakh crore based on Tuesday's share price, placing it behind ICICI Bank in the projected ranking. The Tata Group's flagship IT services company could consequently fall to sixth place.

The reshuffle would leave neither the Tata Group nor the Adani Group represented among India's top five listed companies by market capitalisation. No Adani Group company currently features in the top five.

Grey market premium is not a listing guarantee

Despite the optimistic indications, Jio Platforms' actual market debut could differ from expectations. The grey market premium is an unofficial indicator of investor sentiment and does not guarantee the price at which a stock will list on the exchanges.

The company's position in India's market-capitalisation rankings will become clear once trading begins on the BSE and NSE on Wednesday, October 28.

A strong debut could establish Jio Platforms as one of India's largest listed businesses from its first day of trading, while a weaker-than-expected listing could alter the projected rankings.