Jio Platforms shares list at 21% premium, become India's second-most valuable firm
Reliance-backed Jio Platforms debuted strongly on Indian stock exchanges at a twenty-one percent premium, following a heavily subscribed initial public offering that secured its status as the nation's second most valuable company.
Reliance-backed Jio Platforms debuted strongly on Indian stock exchanges at a twenty-one percent premium, following a heavily subscribed initial public offering that secured its status as the nation's second most valuable company.
Reliance-backed Jio Platforms debuted strongly on Indian stock exchanges at a twenty-one percent premium, following a heavily subscribed initial public offering that secured its status as the nation's second most valuable company.
Shares of Jio Platforms, the Reliance Industries-backed digital services company, made a strong debut on the stock exchanges on Wednesday, listing at a premium of over 21 per cent to the issue price of ₹1,119 and becoming India's second-most valuable company by market capitalisation.
The stock opened at ₹1,358 on both the BSE and NSE, marking a gain of 21.36 per cent over the issue price. Jio Platforms' market capitalisation stood at ₹12,50,586.39 crore in early trade.
The shares later advanced further, trading at ₹1,368.60 on the BSE and ₹1,368.40 on the NSE.
The company's ₹30,213 crore initial public offering (IPO) attracted overwhelming investor interest, with the issue subscribed 22.19 times. Total demand across the public issue and anchor investor placement exceeded ₹7.4 lakh crore, while the number of applications approached 1.39 crore.
The IPO was entirely a fresh issue of 27 crore shares, priced in the range of ₹1,065 to ₹1,119 apiece.
Ahead of the public issue, Jio Platforms raised around ₹8,110 crore from 212 anchor investors on October 19, allotting shares at ₹1,119 apiece, the upper end of the price band.
The IPO opened on October 21 and closed on October 23. On the opening day, the issue was fully subscribed within 100 minutes, making it the fastest-subscribed mega public issue in India.
Reliance Industries, which holds a 66.4% stake in Jio Platforms, remains India's most valuable listed company, with a market capitalisation of around ₹16 lakh crore.