Jio Platforms Extends Rally After Record IPO and Strong Market Debut

Jio Platforms entered the stock market after an offering that drew record bids worth ₹7 lakh crore, according to Business Line. The telecom and digital services business of Reliance Industries attracted demand far beyond the shares available.

Bidding closed on October 23 with the issue subscribed 22.19 times overall. Business Line put the offering at ₹30,213 crore, with shares priced at ₹1,119 at the upper end of the price band.

The listing also advanced Mukesh Ambani's effort to expand Reliance Industries beyond oil and chemicals into consumer and technology businesses, CNA reported.

By October 27, share allotments were out and the debut was set for the following day, according to Business Line. Unofficial trading suggested a strong opening: Bloomberg reported that gray market prices indicated gains of about 22%.

On October 28, Jio listed at ₹1,358 on both the BSE and NSE, a 21.36% premium to its ₹1,119 issue price, Inc42 reported. An earlier report from News india gave the opening price as ₹1,359, a small difference from the ₹1,358 reported across several other accounts.

The debut immediately placed Jio behind only Reliance Industries among India's listed companies by market value, according to TechCrunch. The Hindu reported an initial market capitalisation of ₹12.5 lakh crore, displacing Bharti Airtel from second place.

The listing ceremony brought an emotional response from Mukesh Ambani. Business Line reported that he fought back tears as Isha, Akash and Anant spoke about the family's journey and unity.

The stock subsequently rose to ₹1,419, taking its market capitalisation to ₹13.1 lakh crore, according to Times of India. On October 29, Business Line reported a further 5% rally on the second trading day.

Jio has moved directly into the top tier of India's public companies. Its position behind parent Reliance Industries is the clearest measure of the listing's domestic significance, while the second day's advance extended the initial gains.

The Economic Times reported on October 29 that Jio's $137.3 billion market value placed it fifth among telecom companies worldwide, ahead of Deutsche Telekom. That is a separate global sector ranking from its second place among Indian listed companies.

The next question is whether enthusiasm for Jio carries into other large offerings. Bloomberg reported on October 29 that its strong debut had improved momentum for potential listings by some of India's largest privately held companies. The supplied coverage does not identify firm timetables for those offerings.