Mumbai : Jio Platforms shares surged 26.81% on their stock market debut on Wednesday, adding nearly ₹2.76 lakh crore to the company’s market capitalisation and delivering substantial gains to investors.
The stock climbed to ₹1,419, up ₹300 from its initial public offering (IPO) issue price of ₹1,119. Jio Platforms made its market debut at ₹1,358 per share, representing a premium of 21.4% over the issue price. It subsequently gained another ₹61, or 4.49%, over its listing price.
The rally pushed Jio Platforms’ market capitalisation to approximately ₹13.07 lakh crore, based on around 920.90 crore post-issue shares. At the IPO issue price, the company’s valuation stood at approximately ₹10.31 lakh crore.
With this valuation, Jio Platforms emerged as India’s second-most valuable listed company on its first day of trading, behind its parent company, Reliance Industries, whose market capitalisation stood at around ₹15.67 lakh crore.
Bharti Airtel ranked third with a market value of approximately ₹12.16 lakh crore, followed by HDFC Bank at ₹10.57 lakh crore and ICICI Bank at ₹9.89 lakh crore.
Jio Platforms’ strong debut reshaped India’s corporate market-capitalisation rankings, pushing Tata Consultancy Services (TCS) out of the country’s top five most valuable listed companies.
The sharp post-listing rally marked a strong start for Jio Platforms in the equity market, with investors responding positively to the company’s stock market entry.