Jio Platforms shares list at over 21% premium on NSE, BSE; here's how much investors made per lot

The stock is listed at ₹1,358 per equity share on the National Stock Exchange (NSE) and the BSE. This reflects a premium of 21.36% over the IPO issue price of ₹1,119 apiece.

Jio Platforms share price: Here's how much investors made per lot

A lot consisted of 12 shares and cost ₹13,428. Investors who received Jio Platforms IPO allotment made ₹2,868 per lot, taking the value of their investment to ₹16,296, as per the listing price on the NSE and the BSE.

On Jio Platforms listing, Reliance Jio Infocomm Ltd (RJIL) Chairman Akash Ambani said, “Response to Jio Platforms IPO surpassed our imagination; vows to make Jio bigger, better and more meaningful for India."

"Jio aims to democratise every technology that can transform Indian lives, including connectivity from spac," he added.

Jio Platforms, with a market capitalisation of ₹12.50 lakh crore, became India's second-most valuable company. It is behind RIL, which has a market cap of ₹15.94 lakh crore.

The IPO was solely a fresh issuance of 27 crore equity shares valued at ₹30,213 crore. There was no offer for sale (OFS) component.

The money raised, to the tune of ₹27,500 crore, will be used for debt clearance of the company's material subsidiary, Reliance Jio Infocomm Ltd (RJIL). The remaining funds will be utilised for general corporate purposes.

"We expect to achieve the benefits of listing of the equity shares on the stock exchanges and creation of a public market for the equity shares," the company said in its red herring prospectus.

The initial public offering was subscribed 22.19 times. It secured bids for 4,38,26,15,568 shares compared to 19,75,25,934 shares on offer, according to the NSE data.

The qualified institutional buyers (QIBs) portion was subscribed 70.55 times, while the non-institutional investors (NIIs) quota was booked 14 times. The retail investors category received 2.72 times the subscription.

Prior to the IPO, the company raised ₹8,109.85 crore from anchor investors, including Life Insurance Corporation of India (LIC), New World Fund Inc, the Government of Singapore, BNP Paribas Financial Markets - ODI, Capital Group, Fidelity, BlackRock, the Abu Dhabi Investment Authority and the Monetary Authority of Singapore, among others.