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Jio Platforms makes strong market debut, lists on NSE with a gain of 21.3%

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Jio Platforms makes strong market debut, lists on NSE with a gain of 21.3%

Jio Platforms made a strong debut on the National Stock Exchange on Wednesday with its shares gaining 21.3% over the issue price of Rs 1,119 apiece, resulting in a market capitalisation of Rs 12.5 lakh crore.

The share opened at Rs 1,358 and reached an intraday high of Rs 1,374.50. It was trading at Rs 1,366.60 at 11:41 am with a market capitalisation of Rs 12,58,045.70 crore.

Jio Platforms' Rs 30,213-crore IPO received an overwhelming response from investors. It was oversubscribed in less than two hours on opening day, and closed with a 22X oversubscription.

Jio Platforms is betting on digital services, artificial intelligence, and cloud computing to drive growth beyond telecom as it positions itself as a technology company.

"There is no either-or at Jio: the network is our technology," said Akash Ambani, Managing Director of Jio Platforms, highlighting the company's in-house 5G core, cloud-native radio access network, and software platform serving 533.3 million customers.

“Connectivity was the first product we built on that platform. Digital services, AI and cloud are what we are layering on top of it now," he said.

Motilal Oswal, in its note, said scaling up digital platforms (cloud, enterprise communications, IoT, and managed services, along with international tie-ups for 5G/UBR technology) will offer Jio Platforms the next leg of growth beyond the connectivity business.

The brokerage house has set a bull-case target price of Rs 1,690 crore and a bear-case target price of Rs 1,035.

The listing of Jio Platforms could bring about a sea of change in the dynamics of market capitalisation on Indian stock exchanges.


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