New Delhi, 29 October (H.S.): Shares of Jio Platforms Limited, the digital services and technology subsidiary of Reliance Industries Limited (RIL), continued their upward momentum for the second consecutive trading session on Thursday, rising more than 5 per cent on both the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE). The rally pushed the company’s market capitalisation beyond Rs. 13.72 lakh crore.
According to stock exchange data, Jio Platforms shares climbed 5.12 per cent to Rs. 1,490 apiece on the BSE. On the NSE, the stock was trading 5.09 per cent higher at Rs. 1,489.70. On the BSE, the company’s market capitalisation increased by Rs. 66,903.61 crore to Rs. 13,72,145.59 crore.
The shares were trading more than 33 per cent above their issue price of Rs. 1,119 on both major stock exchanges. The latest gains followed the company’s strong market debut on Wednesday, when its shares closed nearly 27 per cent above the issue price. The listing propelled Jio Platforms to the position of India’s second-most valuable listed company by market capitalisation.
The shares were listed at Rs. 1,358 on both the BSE and NSE, representing a premium of 21.36 per cent over the issue price. On the BSE, the stock closed at Rs. 1,417.35, up 26.66 per cent, after touching an intraday high of Rs. 1,423.80. On the NSE, it settled at Rs. 1,417.50, gaining 26.67 per cent, after reaching a high of Rs. 1,423.90 during the session.
By the close of trading on Wednesday, Jio Platforms’ market capitalisation had reached approximately Rs. 13 lakh crore. The company ranked second in market value behind its parent, Reliance Industries, whose market capitalisation stood at Rs. 15.92 lakh crore. Jio Platforms overtook Bharti Airtel, HDFC Bank and ICICI Bank in terms of market capitalisation.
Jio Platforms’ Rs. 30,213-crore initial public offering (IPO) closed with an overall subscription of 22.19 times. Total demand, including bids through the public issue and allocations to anchor investors, exceeded Rs. 7 lakh crore.
Ahead of the IPO, the company raised approximately Rs. 8,110 crore from 212 anchor investors on October 19. Shares were allotted to these investors at Rs. 1,119 apiece, the upper end of the price band. The IPO opened on October 21 and received full subscription within approximately 100 minutes on the first day.
The Jio Platforms IPO comprised an entirely fresh issue of 27 crore shares, with the price band set at Rs. 1,065 to Rs. 1,119 per share. The public issue closed on October 23. Reliance Industries holds a 66.4 per cent stake in Jio Platforms.
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Hindusthan Samachar / Jun Sarkar
