Jio Platforms listed on October 28 at Rs 1,358, about 21.4% above its Rs 1,119 issue price, in an offer of Rs 30,213 crore that drew bids worth about 77 billion dollars, according to HDFC Sky.
The listing valued the company at about 131.5 billion dollars, which HDFC Sky says makes it India’s second most valuable listed company after Reliance Industries, and it was the Reliance group’s first listing in about two decades.
The demand signals appetite for scale in digital services. Meyka reports that institutional investors bid more than 70 times their quota and that the offer beat Hyundai Motor India’s IPO of 2024, though the closing price near Rs 1,417.50 rests on a single outlet.
A strong debut does not settle the valuation question, and the market fell that day as crude rose above 115 dollars.
Meyka says about 1.3 crore investors applied and that the offer beat Hyundai Motor India’s Rs 27,859 crore IPO of 2024, citing The Economic Times.
Meyka reports that the stock rose further during the day to close near Rs 1,417.50 on the NSE, about 27% above the issue price, with some reports citing Rs 1,419. This closing figure comes from a single outlet, and HDFC Sky reports only the opening price.
The day’s high was about Rs 1,424 and the low about Rs 1,357, according to Meyka. These are approximate figures.
About 19.4 crore shares were traded on both exchanges, and combined turnover was Rs 26,571 crore, according to Meyka, citing CNBC-TV18.
Meyka puts the market value at close at about Rs 13 lakh crore, against about Rs 15.7 lakh crore for Reliance Industries, without naming a source for these figures.
The Sensex fell 352.64 points to 73,246.03 and the Nifty 50 fell 50.90 points to 22,698.85 on the same day, according to HDFC Sky.
Jio World Centre, Mumbai (file image), Wikimedia Commons, CC BY 4.0