Jio Platforms lists at ₹1,358, 21% above its IPO price, after India’s biggest-ever IPO

Shares of Jio Platforms began trading on the National Stock Exchange (NSE) and BSE on Wednesday (28 October) at ₹1,358 each, a premium of 21.36% over the IPO price of ₹1,119. The ₹30,200-crore issue is India’s largest initial public offering.

The stock touched an intraday high of ₹1,374.50 in early trade before settling around ₹1,357.20 by 10.15 am, BusinessLine reported. More than 96.6 crore shares changed hands in the first hour, for a turnover of ₹13,132 crore.

The listing valued the company at about ₹12.5 lakh crore. That makes Jio India’s second-largest company by market capitalisation, overtaking Bharti Airtel, The Hindu reported.

For retail investors who were allotted one lot of 12 shares, the listing price works out to a gain of ₹2,868. Larger HNI applicants with 180 shares were up ₹43,020, according to BusinessLine.

“Congratulations to Jio Platforms Limited on getting listed on NSE,” the exchange said in a post on X. It put the size of the public issue at ₹30,188 crore.

Members of the Ambani family attended the bell-ringing ceremony at the NSE in Mumbai. “My heart overflows with gratitude. Gratitude to every individual, every institutional investor in India and abroad, who made our IPO a blockbuster success,” Akash Ambani, the company’s managing director, said at the ceremony.

Brokerages started coverage with buy ratings. Nomura set a target price of ₹1,340, noting that Jio has 42% of India’s wireless subscribers, 60% of data traffic and 43% of the home broadband market. Motilal Oswal set a target of ₹1,350. Analysts expect the listing to speed up mobile tariff increases across the sector. Less than 3% of the company’s shares are in free float.

As The Indian Idiot reported, the IPO was fully subscribed within 100 minutes of opening on 21 October and closed 22 times subscribed, with a record of more than 1 crore applications.