Jio Platforms lists at over 21% premium, becomes India's second most valuable listed firm

Shares of Jio Platforms made a strong debut on the stock exchanges on Wednesday. The stock listed at a premium of more than 21 per cent to its issue price of Rs 1,119. After listing, the Reliance Industries-backed digital services company became the second most valuable listed company in the country by market capitalisation.

The share opened at Rs 1,358 on both the BSE and the NSE, which is 21.36 per cent above the issue price. In early trade, the company's market capitalisation stood at Rs 12,50,586.39 crore.

Later in the session, the stock continued to trade at Rs 1,357.45 on the BSE and Rs 1,358.10 on the NSE.

The company's Rs 30,213-crore initial public offering (IPO) drew a strong response from investors. The issue was subscribed 22.19 times. Total demand, counting the public issue and the anchor investor placement together, rose above Rs 7.4 lakh crore, while the number of applications reached about 1.39 crore.

The IPO was entirely a fresh issue, with 27 crore shares on offer. The price band for investors was set at Rs 1,065 to Rs 1,119 per share.

Before the public offering opened, Jio Platforms raised about Rs 8,110 crore from 212 anchor investors on October 19. They were allotted shares at Rs 1,119 apiece, the upper end of the price band.

On the opening day last Wednesday, the IPO set a record. The issue was fully subscribed within 100 minutes, making it India's fastest-subscribed large public offer.

Meanwhile, Reliance Industries, with a market capitalisation of about Rs 16 lakh crore, remains the country's most valuable company.