Jio Platforms shares surge 21% on debut, overtake Airtel in market cap
Jio Platforms made a remarkable entrance in the stock market, soaring 21.4% above its IPO price on the first day of trading. Closing at ₹1,417.35, the stock surpassed Bharti Airtel in market capitalization. With a staggering 22 times oversubscription, the IPO attracted considerable institutional backing. At the launch event, executive director Anant Ambani recognized the invaluable support from…
Mumbai witnessed a spectacular debut for Mukesh Ambani-backed Jio Platforms on Wednesday, with its shares surging 21.4% from the IPO price and cementing its position as India's second-largest company by market capitalisation. The stock, which listed at ₹1,358 on the BSE, closed at ₹1,417.35. This marked the second-best opening day performance in percentage terms for IPOs above ₹10,000 crore in size, surpassing previous record holders Life Insurance Corporation of India, Hyundai Motor India, and Paytm.
Jio's market capitalisation reached ₹13.04 lakh crore, just behind parent company Reliance Industries at ₹15.7 lakh crore. The IPO was the largest in India's corporate history and drew strong demand, with subscriptions 22 times the shares on offer.
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