Jio Platforms extends rally, tops ₹1,400, trades 27% above issue price; key data points to know

Jio Platforms continued to grab eyeballs after its stellar stock market debut on Wednesday, October 28. The mega IPO, which set several records, including becoming one of the fastest large public issues to achieve full subscription, extended its rally in trade after listing at a premium of over 21% to the issue price.

Later in the session, the stock extended its gains, advancing as much as 27.2% to ₹1,423.90 on the NSE. It eventually settled at ₹1,417.50 on the NSE.

What Akash Ambani said

Jio Platforms’ Managing Director Akash Ambani on Wednesday said investors’ response to the company’s initial public offering (IPO) exceeded expectations, and vowed to take the company to greater heights along with siblings Isha and Anant.

Speaking at the listing ceremony, Ambani said the company aims to democratise technology with the potential to transform Indian lives over the next ten years, including connectivity from space.

“We promise to take Jio to greater heights of growth and excellence,” Ambani said at the listing ceremony, which his parents, Mukesh Ambani and Nita Ambani, along with his siblings and grandmother, Kokilaben, also attended.

He said the company’s ambition is a digital society with Jio Platforms at its core, where connectivity, computing and intelligence work together seamlessly.

The responsibility of the next generation of Ambanis is not just to preserve what they have inherited, but to make Jio bigger, better and more meaningful for India, Akash Ambani said.

Jio Platforms now India’s second-most valuable listed company

At 2:52 pm, Jio Platforms’ market capitalisation on the NSE stood at ₹13.03 lakh crore.

Jio Platforms’ ₹30,213 crore initial public offering (IPO) closed with bids for 22.19 times the shares on offer. Total demand across the public issue and anchor investor placement crossed ₹7.4 lakh crore, while applications approached 1.39 crore.

The IPO was entirely a fresh issue of 27 crore shares and was priced in the range of ₹1,065 to ₹1,119 per share.

Ahead of the public issue, Jio Platforms raised around ₹8,110 crore from 212 anchor investors on October 19, allotting shares at ₹1,119 apiece, the upper end of the price band.

On Wednesday, October 21, the opening day of the IPO, the issue was fully subscribed within 100 minutes, making it one of India’s fastest-subscribed mega public issues.