Jio Could Debut As India's Second-Most Valuable Listed Company

Mumbai: Jio Platforms could become India's second-most valuable listed company when its shares make their stock market debut on Wednesday. Based on current grey market indications, Jio's market capitalisation could reach approximately ₹12.61 lakh crore, nearly ₹25,700 crore higher than Bharti Airtel's. This could place Jio just behind Reliance Industries in market value. To overtake Airtel, Jio would need to list at around ₹1,342 per share or above.

Grey Market Premium

Jio's IPO was priced at ₹1,119 per share. Grey market estimates indicate a premium ranging from ₹245 to ₹255. Taking the midpoint of ₹250, the indicative listing price works out to ₹1,369. Bharti Airtel's last traded price on the NSE on Tuesday was ₹1,978.80, putting its market capitalisation at approximately ₹12.35 lakh crore.

Market Rankings Reshuffled

If grey market indications hold, Jio's debut could significantly reshape the ranking of India's most valuable listed companies. Reliance Industries would retain the top spot with a market capitalisation of around ₹16.19 lakh crore, followed by Jio Platforms at ₹12.61 lakh crore. Bharti Airtel would rank third at ₹12.35 lakh crore, followed by HDFC Bank at ₹10.49 lakh crore and ICICI Bank at ₹9.96 lakh crore. This would put two Reliance Group companies among India's top five. The list would comprise two companies in telecom and digital services, two private sector banks and one diversified conglomerate, offering an interesting picture of the sectors represented among the country's most valuable businesses.

TCS Faces Exit

Another notable change could be the exit of Tata Consultancy Services (TCS) from the top five. The Tata Group's flagship IT company, currently among India's five most valuable listed companies, could slip to sixth place. Based on Tuesday's share price, TCS had an estimated market capitalisation of around ₹9.03 lakh crore. This would leave India's top five listed companies without a single firm from either the Tata or Adani Group. No Adani Group company currently features in the top five.

Listing Day Uncertainty

However, Jio's actual listing price could differ from grey market expectations. The grey market premium is an unofficial indicator and does not guarantee the price at which a stock will list. Jio's position in India's market capitalisation rankings will become clear once its shares begin trading on the BSE and NSE on Wednesday, October 28.