Jio Platforms Shares List at 21% Premium, Market Capitalisation Reaches ₹12.50 Lakh Crore
Jio Platforms shares made a strong debut on Indian stock exchanges at ₹1,358 per share, 21% above the issue price of ₹1,119.
Jio Platforms, a leading company in India’s telecommunications and technology sector, made an impressive debut on the secondary market with its shares listing at a 21% premium. Against an issue price of ₹1,119 per share, the stock opened at ₹1,358 on the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE).
Following the listing, Jio Platforms became India’s second-largest company by market capitalisation, behind Reliance Industries. Its market capitalisation reached ₹12.50 lakh crore after the first day of trading, surpassing rival Bharti Airtel, which had a market capitalisation of ₹12.10 lakh crore. Reliance Industries remained India’s largest company, with a market capitalisation of ₹15.99 lakh crore.
Jio Joins the $100 Billion Market Capitalisation Club
According to the report, Jio Platforms became the fourth founder-led company in the world to achieve a market capitalisation exceeding US$100 billion through an IPO. The achievement places it alongside major global companies such as Meta, Alibaba and SpaceX.
IPO Oversubscribed 22.19 Times
Jio Platforms’ IPO, which was open from October 21 to 23, was oversubscribed by 22.19 times overall. According to the reported figures, the qualified institutional buyer (QIB) category received 0.55 times subscription, the non-institutional investor (NII) category received 44.00 times subscription, and the retail investor category received 9.72 times subscription.
A Decade from Free SIM Cards to a Landmark IPO
Reliance entered the telecommunications market under the Jio brand on September 5, 2016, offering free SIM cards and high-speed internet at no charge for six months. The launch attracted large crowds to Jio stores as customers sought to obtain the new SIM cards.
Ten years later, the company’s IPO attracted significant investor interest. The report says Jio set a record as the first IPO worldwide to receive more than 10 million applications. It was fully subscribed within 100 minutes of opening and established seven new financial records within three days.