Jio Platforms lists at 21.35% premium at Rs 1,358, market cap crosses Rs 12.5 lakh crore
Mumbai, October 28
Jio Platforms made a strong stock market debut on Wednesday, listing at Rs 1,358 per share, a premium of 21.35 per cent over its issue price of Rs 1,119, as its initial public offering drew record investor participation.
The shares were trading at Rs 1,357.45 at the time of filing this report, up Rs 238.45 or 21.31 per cent from the issue price, according to exchange data. The stock touched an early high of Rs 1,374 and was trading at Rs 1,357 a share at the time of reporting.
At the prevailing price, Jio Platforms' market capitalisation stood at around Rs 12.5 lakh crore. Reliance Industries, which holds a 64.48 per cent stake in Jio Platforms, was trading at Rs 1,197 per share around 9:59 am, up 0.07 per cent from its previous close of Rs 1,196.20.
Addressing the listing ceremony, Akash Ambani, Chairman of Reliance Jio Infocomm, said the response to the IPO had exceeded expectations, with the company receiving demand worth more than Rs 7.5 lakh crore and over 1.3 crore applications.
"The response surpassed our imagination, breaking records in every investor category. We were fully subscribed for India's largest IPO within 95 minutes of launch, the fastest ever India has seen," he said.
Ambani described the listing as a beginning rather than an endpoint, emphasising the company's responsibility towards its new shareholders.
"Today's listing, as Isha said, is not a finish line, but a starting line. We will communicate openly, honor our commitments and earn your trust through our actions," he said.
He added that Jio's focus would remain on expanding digital access and creating value for customers and investors. "As trustees of your wealth, our duty is to protect it, grow it decade after decade. The only way is by creating disproportionate value for our customers," he said.
The IPO's Rs 8,110-crore anchor book had attracted institutional demand of more than Rs 2.5 lakh crore, exceeding the amount on offer by over 30 times. The issue was subscribed 22.19 times overall, with bids from qualified institutional buyers reaching 70.55 times the shares reserved for their category.
Ambani said Jio's homegrown platforms now serve more than 540 million customers, adding that the company would seek to build on its digital infrastructure and services.
"We promise to take Jio to greater heights of growth, excellence, and reputation in India and the world," he said.
— ANI
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