Jio Platforms surges 23 pc on debut, becomes India’s No. 2 firm

Mumbai: Shares of Jio Platforms, the Reliance Industries-backed digital services company, made a blockbuster debut on Wednesday, October 28, surging nearly 23 per cent against the issue price of Rs 1,119 and becoming the second most valuable domestic firm by market capitalisation.

The stock started trading at Rs 1,358, registering a jump of 21.36 per cent from the issue price on both the BSE and NSE.

The company’s market valuation stood at Rs 12,57,401.07 crore.

Later, the stock hit the days high of Rs 1,375, up 22.87 per cent from the issue price on the BSE.

At the NSE, it climbed 22.83 per cent to Rs 1,374.50.

Jio Platforms is ahead of Bharti Airtel, HDFC Bank and ICICI Bank in the top five order of market capitalisation (mcap) ranking. Reliance Industries is the country’s most valued firm with a market capitalisation of Rs 15.94 lakh crore.

Jio Platforms’ Rs 30,213 crore initial public offering closed with bids for 22.19 times the shares on offer, as total demand across the public issue and anchor investor placement crossed Rs 7.4 lakh crore and applications approached a world-beating 1.39 crore.

The IPO was entirely a fresh issue of 27 crore shares and was priced at Rs 1,065 to Rs 1,119 a share.

Ahead of the public issue, Jio Platforms raised about Rs 8,110 crore from 212 anchor investors on October 19, allotting shares at Rs 1,119 apiece, the upper end of the price band.

Last week on Wednesday, the opening day of the IPO, Jio Platforms Ltd’s offering was fully subscribed within 100 minutes, making it the fastest-subscribed mega public issue in India.

Jio Platforms, in which Reliance owns a 66.4 per cent stake, launched its IPO on October 21. The offering ended on October 23.

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