Jio Platforms made a strong stock market debut on Wednesday, with shares listing at Rs 1,358 apiece on the BSE and NSE, significantly above the IPO issue price of Rs 1,119.
The listing delivered a gain of Rs 238 per share, translating into a premium of around 21.27% for investors over the issue price.
The strong debut placed the Mukesh Ambani-owned company among India's most valuable listed businesses. At the listing price, Jio Platforms had a market capitalisation of Rs 12.5 lakh crore, making it the country's second-most valuable listed company.
Reliance Industries, its parent company, led the rankings with a market capitalisation of approximately Rs 16 lakh crore, while Bharti Airtel stood third at nearly Rs 12.1 lakh crore, according to BSE data.
Also read : Share Markets Wary, Investors Await Fed Rate Call; Jio IPO Debut Soon: Sensex 500 Points Down
Jio Platforms IPO Valuation And Market Ranking
Jio Platforms had entered the market with an IPO valuation of around Rs 10.3 lakh crore, based on its issue price of Rs 1,119 per share. The company issued 27 crore new shares through the offering.
At that valuation, Jio Platforms ranked behind Reliance Industries, Bharti Airtel and HDFC Bank in terms of market capitalisation. Its listing-day gains have now lifted its market value above the levels implied by the IPO price, pushing it ahead of Bharti Airtel in the rankings.
Jio Platforms Shares Show Limited Movement After Listing
Despite the premium at which Jio Platforms entered the exchanges, the stock made only modest gains in early trading after its debut. At around noon, it was trading at Rs 1,362.20, up 0.31% from its listing price of Rs 1,358.
The early movement suggests that investors were still assessing the company's market valuation after the initial listing-day jump. Its performance through the rest of the session will determine how much of the initial premium it can retain.