Jio Platforms becomes 2nd most valuable Indian firm by market cap after strong debut

Jio Platforms became India’s second-most valuable listed company after debuting on Dalal Street at a 21.36 per cent premium over its issue price. Its market valuation reached Rs 12.50 lakh crore, following an IPO subscribed 22.19 times

Mumbai: Jio Platforms Ltd on Wednesday became the second most valuable Indian company by market valuation following a stellar debut on the Dalal Street.

The Reliance Industries-backed digital services company began trading at Rs 1,358, up 21.36 per cent, from the issue price of Rs 1,119 on both the BSE and NSE.

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The company commanded a market valuation of Rs 12,50,586.39 crore during the early deals on the BSE. Jio Platforms is only behind Reliance Industries in the domestic market cap ranking. RIL commands a market valuation of Rs 15,89,937.97 crore.

The top five order in market capitalisation (mcap) ranking are as follow — Reliance Industries with a valuation of Rs 15.89 lakh crore, Jio Platforms Rs 12.50 lakh crore, Bharti Airtel Rs 12.05 lakh crore, HDFC Bank Rs 10.42 lakh crore and ICICI Bank Rs 9.80 lakh crore.

The combined market valuation of both Jio Platforms and Reliance Industries is Rs 28.40 lakh crore.

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.

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.