Mumbai: Shares of Jio Platforms, the Reliance Industries-backed digital services company, listed on the stock exchanges with a premium of over 21 per cent on Wednesday against the issue price of Rs 1,119, becoming the second most valuable 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 company’s market valuation stood at Rs 12,50,586.39 crore during the early trade.
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 IPO was entirely a fresh issue of 27 crore shares and was priced at Rs 1,065 to Rs 1,119 a share. Reliance Industries is the country’s most valued firm with a market valuation of Rs 16 lakh crore.
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.
Managing Director Akash Ambani said investors’ response to the company’s initial public offering (IPO) exceeded expectations, and vowed to take the company to greater heights along with siblings Isha and Anant.
Speaking at the listing ceremony, Ambani said the company aims to democratise technology with the potential to transform Indian lives over the next ten years, including connectivity from space.
“We promise to take Jio to greater heights of growth and excellence,” Ambani said at the listing ceremony, which his parents, Mukesh Ambani and Nita Ambani, along with his siblings and grandmother, Kokilaben, also attended.
He said the company’s ambition is a digital society with Jio Platforms at its core, where connectivity, computing and intelligence work together seamlessly.
The responsibility of the next generation of Ambanis is not just to preserve what they have inherited, but to make Jio bigger, better and more meaningful for India, Akash Ambani said.
