Jio Platforms lists at 21.36% premium even as Indian markets retreat

Jio Platforms shares made their market debut on October 28, trading at Rs1,358 each on the NSE and BSE. The listing was priced 21.36 percent above the issue price of Rs1,119, marking a gain of Rs 239. This translates to approximately Dh52.8 for UAE investors, compared to Dh43.5 at the time of issuance. With a market valuation of Rs 12.6 lakh crore, Jio Platforms has become India's second most valuable company, trailing only Reliance Industries.

The Ambani family celebrated the event together, with all members present at the opening bell ringing ceremony. Akash Ambani expressed gratitude to investors and highlighted the strong response the IPO received during the bidding phase, selling out in a mere 95 minutes. Isha Ambani acknowledged that "Today is not a finish line, it's a promise," while Anant Ambani, the youngest sibling, spoke first and moved his father to tears.

He remarked, "Today the bell at the exchange will ring for me like a temple bell." Mukesh Ambani had earlier framed the listing as a testament to India's capability to create globally scaled, capable, and valuable technology companies.

Brokers began trading before the opening bell, with Nomura initiating coverage with a Buy rating and a Rs1,340 target. Elara followed suit with a Buy rating and a Rs1,367 target, which is 0.7 percent higher than the opening price. Nomura's target, however, slightly falls below the listing price. The broader market backdrop on Dalal Street included a sharp decline in both the Sensex and Nifty, each shedding nearly 1 percent due to fears of a wider Middle East conflict and rising oil prices.

Oil prices surged 1.6 percent to $115.7 a barrel following an attack on a Saudi Arabian refinery, intensifying concerns about energy supply disruptions and potential inflation. Jio Platforms' IPO saw institutional quota fill within minutes, marking a significant achievement in India's biggest share sale.