Jio Platforms Becomes India's Second Most Valuable Company After Strong IPO Debut

Jio Platforms Ltd on Wednesday emerged as India's second most valuable listed company by market capitalisation following a strong debut on the stock market. Backed by Reliance Industries, the digital services company began trading at ₹1,358 per share on the BSE and NSE, marking a gain of 21.36% over its IPO issue price of ₹1,119.

During early trading on the BSE, Jio Platforms commanded a market valuation of ₹12,50,586.39 crore, placing it ahead of Bharti Airtel and behind its parent company, Reliance Industries.

Reliance Industries retained the top position with a market capitalisation of ₹15,89,937.97 crore. The combined market value of Reliance Industries and Jio Platforms stood at approximately ₹28.40 lakh crore.

India's Top Five Companies by Market Capitalisation

The market capitalisation rankings during early trading were as follows:

Reliance Industries: ₹15.89 lakh crore
Jio Platforms: ₹12.50 lakh crore
Bharti Airtel: ₹12.05 lakh crore
HDFC Bank: ₹10.42 lakh crore
ICICI Bank: ₹9.80 lakh crore

Jio Platforms IPO Attracts Strong Investor Demand

Jio Platforms' ₹30,213 crore initial public offering (IPO) received an overwhelming response from investors, with the issue subscribed 22.19 times. Total demand across the public issue and anchor investor placement exceeded ₹7.4 lakh crore, while the number of applications approached 1.39 crore.

The IPO was entirely a fresh issue of 27 crore shares, with the price band fixed at ₹1,065 to ₹1,119 per share.

The offering opened on October 21 and closed on October 23. On the first day itself, the issue was fully subscribed within approximately 100 minutes, making it the fastest-subscribed mega public issue in India, according to the provided figures.

Reliance Industries holds a 66.4% stake in Jio Platforms. The company's strong stock market debut marks a significant milestone for India's digital services sector and places it among the country's most valuable companies by market capitalisation.