Jio Platforms lists at 21% premium, becomes India’s second most valuable firm

• Jio Platforms debuted at Rs 1,358 on the BSE and NSE, a 21.36 per cent premium to its issue price

• Its market capitalisation reached Rs 12.51 lakh crore in early trade, making it India’s second most valuable listed company

• The Rs 30,213 crore IPO attracted bids for 22.19 times the shares on offer

Jio Platforms made a strong stock market debut on Wednesday, listing at a premium of 21.36 per cent to its issue price and becoming India’s second most valuable listed company by market capitalisation.

Shares of the Reliance Industries-backed digital services company opened at Rs 1,358 on both the BSE and NSE, against the IPO price of Rs 1,119.

The listing took the company’s market valuation to Rs 12,50,586.39 crore in early trade. Reliance Industries remained the country’s most valuable listed firm, with a market capitalisation of about Rs 16 lakh crore.

Jio Platforms shares subsequently traded close to their opening price, quoting at Rs 1,357.45 on the BSE and Rs 1,358.10 on the NSE.

The debut followed strong demand for the company’s Rs 30,213 crore initial public offering, which was subscribed 22.19 times. Combined demand across the public issue and anchor investor placement exceeded Rs 7.4 lakh crore, while applications approached 1.39 crore.

The IPO consisted entirely of a fresh issue of 27 crore shares, offered within a price band of Rs 1,065–1,119 apiece.

Ahead of the public offering, Jio Platforms raised approximately Rs 8,110 crore from 212 anchor investors on 19 October. Shares were allotted at Rs 1,119 each, the upper end of the price band.

The public issue opened on 21 October and was fully subscribed within 100 minutes on its first day. Bidding closed on 23 October.

Reliance Industries holds a 66.4 per cent stake in Jio Platforms.

With agency inputs