Shares of Jio Platforms made a strong debut on the stock exchanges on Wednesday, listing at a premium of over 21 per cent to the issue price of Rs 1,119. The Reliance Industries-backed digital services company became India’s second-most valuable listed firm by market capitalisation following its listing.
The stock opened at Rs 1,358 on both the BSE and the NSE, up 21.36 per cent from the issue price. Its market capitalisation stood at Rs 12,50,586.39 crore during early trade.
Later in the session, Jio Platforms shares were trading at Rs 1,357.45 on the BSE and Rs 1,358.10 on the NSE.
The company’s Rs 30,213-crore initial public offering (IPO) received an overwhelming response from investors, with the issue subscribed 22.19 times. Total demand across the public issue and anchor investor placement exceeded Rs 7.4 lakh crore, while the number of applications approached 1.39 crore.
The IPO was entirely a fresh issue of 27 crore shares, offered in a price band of Rs 1,065 to Rs 1,119 per share.
Before the public offering, Jio Platforms raised around Rs 8,110 crore from 212 anchor investors on October 19. Shares were allotted to these investors at Rs 1,119 apiece, the upper end of the price band.
The IPO had also set a record on its opening day last Wednesday, when the issue was fully subscribed within 100 minutes, making it the fastest-subscribed mega public offering in India.
Reliance Industries continues to be the country’s most valuable company, with a market capitalisation of around Rs 16 lakh crore.
