Jio share price: JPL makes strong debut at 21% premium; becomes India’s second-most valuable firm – all you need to know

Jio Platforms Limited registers strong stock market debut

Jio stock price: Jio Platforms made a strong stock market debut on Wednesday, with its shares listing at Rs 1,358 on the BSE and NSE, a premium of around 21.35% over the issue price of Rs 1,119. The stock touched a high of Rs 1,375 and a low of Rs 1,356.40 during early trade. The listing comes after a record-breaking initial public offering (IPO) that attracted substantial demand from institutional and retail investors.The debut placed Jio Platforms among India’s most valuable listed companies, with a market capitalisation of around Rs 12.5 lakh crore. It became the country’s second most valuable company by market valuation, behind parent Reliance Industries. The IPO attracted bids worth more than Rs 7.4 lakh crore across the public issue and anchor investor placement, while applications approached 1.39 crore.

Jio Platforms listing: All you need to know

Stellar listing

Jio Platforms listed on the BSE and NSE at Rs 1,358 per share, around 21.35% above its issue price of Rs 1,119. During early trade, the stock touched a high of Rs 1,375 and a low of Rs 1,356.40.Its market valuation stood at Rs 12,50,586.39 crore during early deals on the BSE, placing it second in India’s market capitalisation rankings, behind Reliance Industries.The top five companies by market capitalisation were:

The combined market valuation of Jio Platforms and Reliance Industries stood at Rs 28.40 lakh crore.

Blockbuster IPO attracted bids worth over Rs 7.4 lakh crore

Jio Platforms’ Rs 30,213 crore IPO closed with bids for 22.19 times the shares on offer. Total demand across the public issue and anchor investor placement crossed Rs 7.4 lakh crore, while applications approached 1.39 crore.The offering was entirely a fresh issue of 27 crore shares, with the price band set at Rs 1,065 to Rs 1,119 per share. The IPO opened on October 21 and closed on October 23.Jio Platforms’ IPO was fully subscribed within 100 minutes of opening, making it the fastest-subscribed mega public issue in India. At the listing ceremony, managing director Akash Ambani said the offering had been fully subscribed within 95 minutes of launch.“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.The IPO’s Rs 8,110 crore anchor book attracted institutional demand of more than Rs 2.5 lakh crore, exceeding the amount on offer by over 30 times.Bids from qualified institutional buyers reached 70.55 times the shares reserved for their category, contributing to the issue’s overall subscription of 22.19 times.

Grey market premium indicated a strong listing

Ahead of the listing, Jio Platforms shares were quoting at a grey market premium (GMP) of around 22%. On Tuesday, October 20, the premium stood at about Rs 245.Based on the upper end of the IPO price band of Rs 1,119, this indicated a possible listing price of Rs 1,364, implying a premium of nearly 22%, according to unofficial grey market quotes.GMP refers to the premium speculators in the unofficial market are prepared to pay for shares of a company awaiting its IPO listing.Speaking at the listing ceremony, Akash Ambani said that the response to the IPO had exceeded expectations. He pledged to take the company forward alongside his siblings, Isha and Anant.“We promise to take Jio to greater heights of growth, excellence, and reputation in India and the world,” he said.Ambani described the listing as the beginning of a new phase for the company and emphasised its responsibility towards its new shareholders.“Today’s listing, as Isha said, is not a finish line, but a starting line. We will communicate openly, honor our commitments and earn your trust through our actions,” he said.

Jio’s future ambitions

Speaking at the listing ceremony, Akash Ambani said that Jio aims to democratise technology with the potential to transform Indian lives over the next ten years, including through connectivity from space. The company’s ambition, he added, is to build a digital society with Jio Platforms at its core, where connectivity, computing and intelligence work together seamlessly.Ambani said the company would continue to focus on expanding digital access and creating value for customers and investors. He also said the next generation of Ambanis had a responsibility to make Jio bigger, better and more meaningful for India, rather than merely preserve what they had inherited.Jio’s homegrown platforms now serve more than 540 million customers, Ambani said, adding that the company would seek to build on its digital infrastructure and services.“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.The listing ceremony was attended by Akash Ambani’s parents, Mukesh Ambani and Nita Ambani, along with his siblings and grandmother, Kokilaben.