India’s stock market has seen a major new entry with the listing of Jio Platforms Ltd. The company, backed by Reliance Industries, attracted strong investor interest during its public share sale.
On Wednesday, Jio Platforms became India’s second-most valuable listed company by market value after its shares began trading on the BSE and NSE.
The shares opened at ₹1,358, which was 21.36% above the issue price of ₹1,119. During early trade, the company’s market value reached about ₹12.50 lakh crore.
Only Reliance Industries ranked higher, with a market value of around ₹15.89 lakh crore. Bharti Airtel, HDFC Bank and ICICI Bank followed Jio Platforms in the top five.
The company’s ₹30,213-crore initial public offering (IPO) received bids for 22.19 times the shares on offer. The total demand across the public issue and anchor investor placement crossed ₹7.4 lakh crore.
Jio Platforms launched its IPO on October 21, and the offer closed on October 23. Reliance Industries owns a 66.4% stake in the company.
