Jio Platforms lists at 21% premium, becomes India's second most valuable firm
Shares of Jio Platforms opened at Rs 1,358 on the NSE and BSE, 21.36 per cent above the issue price, after the country's largest public offering.
The Global Sun Desk ·
Shares of Jio Platforms, the digital services arm of Reliance Industries, made their stock market debut on Wednesday, 28 October, opening at Rs 1,358 on both the NSE and the BSE. That was Rs 239, or 21.36 per cent, above the issue price of Rs 1,119.
The stock rose further through the session. PTI reported an early high of Rs 1,375 on the BSE, nearly 23 per cent over the issue price. Daily Pioneer reported that it closed at Rs 1,417.50 on the NSE, up 26.67 per cent, and at Rs 1,417.35 on the BSE.
India's second most valuable listed company
Daily Pioneer reported that Jio Platforms was valued at about Rs 13.05 lakh crore at the close. At the Rs 1,119 issue price its worth had been Rs 10.30 lakh crore. That put it second among Indian listed companies: only parent Reliance Industries, at about Rs 15.67 lakh crore, was larger, while Bharti Airtel, at about Rs 12.16 lakh crore, came next. Reliance owns 66.4 per cent of Jio Platforms, PTI reported.
Daily Pioneer also tallied the group-wide picture from exchange data. It put the listed Tata companies at about Rs 25.4 lakh crore, a level now exceeded by the three Reliance-group names (Jio Financial Services, Jio Platforms and Reliance Industries), which together come to roughly Rs 30 lakh crore.
The offering and the reaction
The public issue ran from 21 to 23 October at a price band of Rs 1,065 to Rs 1,119 per share. All 27 crore shares were newly issued, with nothing sold by existing holders. According to PTI, the issue size was Rs 30,213 crore. Daily Pioneer noted that this exceeds the Rs 27,870 crore Hyundai Motor India raised in 2024, the previous record for an Indian public offering.
PTI reported that bids were 22.19 times the shares on offer, and that applications came close to 1.39 crore. The issue was fully subscribed within 100 minutes of opening on 21 October. Ahead of that, 212 anchor investors had put in about Rs 8,110 crore on 19 October at Rs 1,119 a share.
Since no existing shareholder sold stock, the money goes to the company. Business Today, citing the company's draft offer document, reported in June that up to Rs 27,500 crore is meant to prepay borrowings of its subsidiary Reliance Jio Infocomm, with the balance for general corporate purposes. Inc42's listing-day report gave the same Rs 27,500 crore figure.
Daily Pioneer reported that Siddhartha Khemka, who heads wealth-management research at Motilal Oswal Financial Services, read the debut as a sign that investors still want well-regarded offerings, and that it could help the pipeline of issues planned for the next quarter.
As with any new listing, prices on the first day can swing widely, and the stock's later moves will depend on how the market values the business.