Daijiworld Media Network - Mumbai
Mumbai, Oct 28: Jio Platforms created history on Wednesday, October 28, with a blockbuster stock market debut, listing at a premium of 21.4% over its initial public offering (IPO) price and becoming India’s second-most valuable listed company, with a market capitalisation of around Rs 12.6 lakh crore.
The shares listed at Rs 1,358 apiece against the IPO issue price of Rs 1,119, delivering substantial gains to investors who received allotments. The listing also saw Jio Platforms overtake Bharti Airtel to become India’s most valuable telecom company by market capitalisation, further strengthening the position of its parent, Reliance Industries.
The historic occasion was marked by a ceremonial gong strike at the National Stock Exchange of India, attended by members of the Ambani family and senior company executives.
Investors allotted the minimum lot of 23 shares under the shareholder category gained Rs 5,497 at the listing price. The public issue became the largest IPO in India by issue size.
Addressing the listing ceremony, Jio Platforms Managing Director Akash Ambani said the investor response had exceeded the company’s expectations.
“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 the beginning of a new phase for the company, emphasising its responsibility towards shareholders. According to him, the IPO attracted demand worth more than Rs 7.5 lakh crore and received over 1.3 crore applications.
The Rs 8,110-crore anchor investor book also witnessed strong institutional interest, attracting demand of more than Rs 2.5 lakh crore, over 30 times the amount on offer.
The IPO was subscribed 22.19 times overall, while the portion reserved for qualified institutional buyers was subscribed 70.55 times, reflecting robust demand from institutional investors.
Ambani said the company would continue to focus on expanding digital access, improving customer offerings and creating sustainable returns for 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.
Highlighting Jio’s extensive digital ecosystem, Ambani noted that its homegrown platforms serve more than 540 million customers. The company aims to build on its digital infrastructure and services while expanding its presence in India and international markets.
“We promise to take Jio to greater heights of growth, excellence, and reputation in India and the world,” he said.
The successful listing marks a significant milestone for Jio Platforms, placing it among India’s largest listed businesses and giving public investors an opportunity to participate in its future growth.