Mumbai, Oct 28 Shares of Jio Platforms, the Reliance Industries-backed digital services company, made a blockbuster debut on Wednesday, ending nearly 27 per cent higher against the issue price of Rs 1,119 to become 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 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.
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 15.67 lakh crore.
The combined market valuation of Jio Platforms and Reliance Industries was Rs 28.72 lakh crore.
Following the strong debut, Jio Platforms Ltd also became the most valuable telecom firm, racing past Bharti Airtel whose mcap was Rs 12.16 lakh crore.
Amid a bruising equity selloff, the rally in Jio Platforms’ shares on the opening day offered a rare bright spot for investors and a strong opening for a company whose scale, earnings and technological ambitions have made it central to the Ambani family’s next chapter.
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.
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.
(PTI News)
