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Jio Platforms lists at 21% premium, values company at Rs 12.5 lakh crore

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Jio Platforms lists at 21% premium, values company at Rs 12.5 lakh crore

Reliance Industries-backed Jio Platforms made a strong stock market debut on Wednesday, with its shares listing at a premium of around 21% over the issue price of Rs 1,119.

The shares listed at Rs 1,358 on the National Stock Exchange (NSE), giving investors a gain of Rs 239 per share. At the listing price, the company commanded a market capitalisation of around Rs 12.5 lakh crore, making it India’s second-largest listed company by market value.

The listing follows Jio Platforms’ Rs 30,213 crore initial public offering (IPO), which was subscribed 22.19 times during its three-day bidding period between October 21 and October 23.

Qualified institutional buyers (QIBs) led the demand, subscribing to their reserved portion 70.55 times. The non-institutional investor category was subscribed 14 times, while the retail portion saw 2.72 times subscription.

The IPO comprised a fresh issue of 27 crore equity shares, with no offer-for-sale component. The company had fixed the price band at Rs 1,065-1,119 per share.

Jio Platforms had raised Rs 8,110 crore from 212 anchor investors ahead of the public issue. The anchor book attracted bids worth nearly Rs 2.5 lakh crore, more than 30 times the amount allocated to these investors. Participants included global investors such as BlackRock, Capital Group, Fidelity Investments and T. Rowe Price, along with domestic mutual funds and insurers.

The company plans to use Rs 27,500 crore from the IPO proceeds to repay part of the borrowings of its subsidiary, Reliance Jio Infocomm. The remaining proceeds will be used for general corporate purposes.


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