Jio Platforms ends debut 27% up, m-cap tops Rs 13 lakh crore

Jio Platforms, the telecom and digital arm of Reliance Industries, made a blockbuster market debut on Wednesday, closing its first trading session nearly 27 per cent above its issue price and becoming India's second most valuable listed company.

The stock listed at Rs 1,358 on both the BSE and the NSE, a premium of 21.36 per cent to its initial public offer price of Rs 1,119. It touched an intraday high of Rs 1,423.80 on the BSE before closing at Rs 1,417.35, up 26.66 per cent; on the NSE it ended at Rs 1,417.50, up 26.67 per cent. At the close, its market capitalisation stood at about Rs 13.05 lakh crore, against Rs 10.30 lakh crore at the issue price.

That leaves Jio Platforms behind only its parent Reliance Industries (about Rs 15.67 lakh crore) and ahead of Bharti Airtel (about Rs 12.16 lakh crore). Counting Reliance Industries, Jio Platforms and Jio Financial Services (Rs 1.35 lakh crore) together, the Reliance group's combined market value is about Rs 30 lakh crore, taking it past the Tata group at about Rs 25.4 lakh crore, according to exchange data.

The Rs 30,213-crore issue, an entirely fresh sale of 27 crore shares in the Rs 1,065-1,119 band, is India's largest IPO, ahead of Hyundai Motor India's Rs 27,870 crore offering in 2024. It was subscribed 22.19 times, drew about 1.37 crore applications - the first Indian public issue to cross the one-crore mark - and total demand across the public issue and the anchor book crossed Rs 7.4 lakh crore. Jio Platforms had raised about Rs 8,110 crore from 212 anchor investors at Rs 1,119 a share on October 19.

At the bell-ringing ceremony at the National Stock Exchange, Reliance Industries chairman Mukesh Ambani, 69, watched from the floor with his wife Nita Ambani as his children Akash, Isha and Anant paid tribute to him and to their grandfather Dhirubhai Ambani, and spoke of the sacrifices and ambitions behind Jio's journey. Akash Ambani is managing director of Jio Platforms. Ambani, who had kept a low profile through the roadshows and left the lead to his eldest son, repeatedly wiped his eyes during the ceremony.

The debut breaks a run of weak listings by large issues this year. Siddhartha Khemka, head of research, wealth management, at Motilal Oswal Financial Services, said the strong listing signalled sustained investor appetite for quality offerings and could support the IPO pipeline in the next quarter.

(With inputs from PTI and media reports)