Reliance Group overtakes Tata by market valuation thanks to blockbuster debut of Jio Platforms

Mumbai: The strong listing of Jio Platforms Ltd made the Reliance Group the biggest conglomerate by market valuation on Wednesday, overtaking the Tata Group.

Shares of Jio Platforms, the Reliance Industries-backed digital services company, made a blockbuster debut on Wednesday. The stock started trading at Rs 1,358, registering a jump of 21.36 per cent from the issue price of Rs 1,119, on both the BSE and NSE.

The shares ended at Rs 1,417.35, surging 26.66 per cent from the issue price on the BSE. During the day, the stock zoomed 27.23 per cent to hit the day’s high of Rs 1,423.80.

On the NSE, the stock climbed 26.67 per cent to end at Rs 1,417.50. During intraday trade, it surged 27.24 per cent to Rs 1,423.90.

The company’s market valuation stood at Rs 13 lakh crore.

At the close of trade, Reliance Industries’ market valuation was Rs 15.67 lakh crore, Jio Platforms commanded an mcap of Rs 13 lakh crore and Jio Financial Services Rs 1.35 lakh crore. The combined market valuation of the Reliance Group stood at Rs 30 lakh crore, according to BSE data.

On the other hand, the combined market valuation of the Tata Group firms, including TCS, Tata Steel, Titan, Tata Power, Tata Motors Passenger Vehicles and Trent, stood at Rs 25.28 lakh crore.

The Tata Group had held the numero uno rank in terms of market capitalisation (mcap) for a long time.

Jio Platforms also became the second most valuable domestic firm by market capitalisation, only behind Reliance Industries.

“In the primary market, Jio Platforms made a strong debut, listing at Rs 1,358 on both exchanges, a 21.36 per cent premium to its issue price of Rs 1,119, taking its market capitalisation to Rs 13 lakh crore, making it India’s second-most valuable listed company after Reliance. The strong debut breaks the recent run of disappointing mega-IPO listings, and signals sustained investor appetite for quality offerings, potentially supporting the IPO pipeline into the next quarter,” Siddhartha Khemka, Head of Research, Wealth Management, Motilal Oswal Financial Services Ltd, said.

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 Rs 30,213-crore (USD 3.1 billion) offering was India’s largest IPO.
The IPO was entirely a fresh issue of 27 crore shares and was priced at Rs 1,065 to Rs 1,119 a share.