Mumbai: Jio Platforms Ltd made a strong stock market debut on Wednesday, emerging as India's second most valuable listed company by market capitalisation. The Reliance Industries-backed digital services firm listed at a 21.36 percent premium over its IPO issue price, placing it behind parent Reliance Industries in the market valuation rankings.
Strong Debut
Jio Platforms shares opened at Rs 1,358 apiece on both the BSE and NSE, compared with the initial public offering (IPO) price of Rs 1,119.
Following the listing, the company's market capitalisation reached Rs 12,50,586.39 crore during early trading on the BSE, making it the country's second most valuable listed firm.
Reliance Industries retained the top position with a market valuation of Rs 15,89,937.97 crore.
Market Rankings
Jio Platforms overtook Bharti Airtel, HDFC Bank and ICICI Bank in market capitalisation following its debut.
The five most valuable listed Indian companies were Reliance Industries at Rs 15.89 lakh crore, Jio Platforms at Rs 12.50 lakh crore, Bharti Airtel at Rs 12.05 lakh crore, HDFC Bank at Rs 10.42 lakh crore and ICICI Bank at Rs 9.80 lakh crore.
Together, Reliance Industries and Jio Platforms commanded a combined market valuation of approximately Rs 28.40 lakh crore.
Record Demand
The Rs 30,213 crore Jio Platforms IPO attracted strong investor participation, receiving bids for 22.19 times the shares offered.
Total investor demand, including the public issue and anchor placement, exceeded Rs 7.4 lakh crore, while applications approached 1.39 crore.
The offering was entirely a fresh issue of 27 crore equity shares, with a price band of Rs 1,065–Rs 1,119 per share.
IPO Milestone
The IPO opened on October 21 and closed on October 23. It achieved full subscription within just 100 minutes on its opening day, becoming India's fastest-subscribed mega public issue.
Reliance Industries holds a 66.4 percent stake in Jio Platforms, maintaining majority ownership following the landmark listing.
