Jio Platforms shares jumped about 21 percent on their trading debut Wednesday after India's largest stock sale to the public, according to CNBC, The Hindu, and Mint. The stock listed at 1,358 rupees on the National Stock Exchange and Bombay Stock Exchange, a 21.36 percent premium to the 1,119-rupee issue price, The Hindu and Mint said. CNBC put the early gain at about 21.5 percent and said shares later traded near 1,360 rupees.

The sale raised about 302 billion rupees, or 3.2 billion dollars, after offering 270 million shares, CNBC reported. Demand ran more than 22 times overall. The issue was fully booked within about 95 to 100 minutes on October 21, the outlets said. Jio's market value reached about 12.5 trillion rupees, or about 131 billion dollars. That made it India's second-most-valuable listed firm after parent Reliance Industries. It also pushed past Bharti Airtel among listed telecom peers, Mint said.

Reliance owns more than 66 percent of Jio Platforms. Meta's Jaadhu Holdings holds near 10 percent and Google International holds 7.7 percent, CNBC said, citing LSEG data. Nomura gave a buy rating with a 1,340-rupee target, CNBC reported. At the listing bell, managing director Akash Ambani said Jio aims to expand beyond phone and data service into AI, cloud, and connected devices, Mint reported. Mukesh Ambani and other family members attended the Mumbai ceremony.

Retail and big funds both chased the deal. BlackRock, Capital Group, and GIC were among anchor buyers, CNBC said. Brokerages Motilal Oswal and Elara also started coverage with buy ratings, Mint said.

What we know: Jio Platforms opened about 21 percent above its sale price and debuted as India's second-largest listed company by market value.
What we don't: How long the premium holds once lockups end and index funds rebalance.