Jio Platforms Lists at 21% Premium, Hits ₹12.5 Lakh Cr Mcap

Mumbai: Shares of Jio Platforms made a strong market debut on Wednesday, listing at a premium of more than 21 per cent to the issue price and making the Reliance Industries unit India’s second most valuable listed company.

How the stock opened

The stock listed at ₹1,358 on both the BSE and the NSE, a premium of 21.36 per cent over the issue price of ₹1,119. In early trade, it hovered around ₹1,357 to ₹1,358. At the listing price, Jio Platforms’ market capitalisation was about ₹12.5 lakh crore, placing it behind only its parent, Reliance Industries, and ahead of Bharti Airtel and HDFC Bank.

The debut came on a weak day for the broader market, with the Sensex falling about 850 points and the Nifty slipping below 22,500 at the time of listing.

The IPO in numbers

Issue size: ₹30,213 crore, India’s largest primary offering. It was entirely a fresh issue of 27 crore shares, with no offer for sale.
Price band: ₹1,065 to ₹1,119 a share. The issue was priced at the top of the band.
Demand: The issue was subscribed 22.19 times, drew a record 1.4 crore applications, and was fully subscribed within about 100 minutes of opening on October 21. Institutional investors led the demand.
Anchor round: On October 19, the company raised ₹8,109.85 crore from 212 anchor investors at ₹1,119.
Use of funds: The proceeds are meant for debt repayment and general corporate purposes.
Valuation at the IPO price: Roughly ₹10.3 lakh crore.

What the pop means

Listing at a premium was largely in line with market expectations. The gain lifts the company’s valuation about ₹2.2 lakh crore above its IPO-price valuation. One brokerage’s bull-case estimate puts the stock at ₹1,690, about 51 per cent above the issue price. A strong first day, however, does not settle where the stock goes from here, and analysts will watch how it trades once the initial excitement fades.

What to watch

Jio Platforms’ position as the second-largest listed firm depends on the share price, so it could shift if the stock moves sharply. Investors will also look at how the company uses its fresh capital to cut debt and how its telecom and digital businesses perform in upcoming quarterly results.