Jio Platforms Share Price Live Updates: Listing at 21% premium, Jio becomes India’s 2nd most valuable firms

Jio is expected to reach a market capitalisation of over Rs 10 lakh crore.

Jio Platforms is set to list on the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE) today, after ⁠its Rs 30,213-crore IPO drew Rs 7.3 lakh crore in bids, the biggest-ever investor response to a public issue in the country. Subscribed 22.19 times, it signalled a massive appetite for shares of the Mukesh Ambani-led telecom-to-digital conglomerate.

Among India’s largest companies? The frenzy was led by institutional investors, with qualified institutional buyers (QIBs) bidding for 70.55 times their allotted quota on the closing day of the IPO, according to stock exchange data. Investment bankers say the final IPO price will be set at the upper end of the price band at Rs 1,119 per share. Valued at up to $108.3 billion, Jio serves more than 530 million customers. With its listing on BSE and NSE, Jio is expected to reach a market capitalisation of over Rs 10 lakh crore, securing its place among India’s top five most valuable companies.

Story continues below this ad

Huge interest despite dampened market: The Jio IPO drew unprecedented institutional interest, with demand for its Rs 8,110-crore anchor book exceeding 30 times the amount on offer and aggregate institutional demand touching nearly Rs 2.5 lakh crore. The Jio IPO mobilised the funds at a time when the stock markets were reeling under a host of problems, including high crude oil prices, rising inflation, bond yields and high interest rates.