Jio Platforms made a strong stock market debut on Wednesday, October 28, becoming India’s second-most valuable company by market capitalisation after its shares surged 27% above the initial public offering (IPO) price.
The telecommunications and technology arm of Reliance Industries listed at ₹1,358 per share on the National Stock Exchange, a premium of approximately 21% over its IPO price of ₹1,119. The stock subsequently climbed to ₹1,419 at the close, giving the company a market capitalisation of approximately ₹13.1 lakh crore.
Jio Platforms now ranks behind its parent, Reliance Industries, valued at ₹15.7 lakh crore, while moving ahead of Bharti Airtel, whose market capitalisation stood at ₹12.2 lakh crore, according to exchange data cited by The Times of India.
The listing also propelled the Reliance group to the position of India’s most valuable business conglomerate. Its combined market capitalisation reached ₹30.3 lakh crore, surpassing the Tata group’s ₹25.4 lakh crore, according to ETIntelligence data.
Investor demand for the IPO had been exceptionally strong. The offering was subscribed more than 22 times, attracting nearly 1.3 crore investors. The issue was fully subscribed within approximately 100 minutes of opening, making it the fastest such subscription in India’s history, the report said.
Jio Platforms serves approximately 54 crore customers and has expanded beyond telecommunications into digital services and technology. During the listing ceremony, managing director Akash Ambani outlined plans to expand access to artificial intelligence, cloud computing, connected devices, satellite connectivity and other digital services over the next decade.
Notably, existing shareholders, including Reliance Industries and global technology companies Google and Meta, did not sell their holdings through the IPO.
The debut marks a significant milestone for Jio Platforms as it enters the public markets with a valuation that places it among India’s largest listed companies.
Source: The Times of India
