Jio Platforms’ strong stock market debut on Wednesday helped the Reliance Group overtake the Tata Group to become India’s most valuable conglomerate by market capitalisation. The listing of Jio Platforms added to the combined market value of Reliance Industries and its group companies, pushing the conglomerate ahead of the Tata Group in the market-capitalisation rankings.
The combined market value of the Reliance Group crossed Rs 30 lakh crore, surpassing the Tata Group’s Rs 25 lakh crore, according to data compiled by Bloomberg News.
Jio Platforms shares extended their gains on debut day, rising nearly 27 percent over the issue price and taking the company’s market capitalisation past Rs 13 lakh crore.
Further, Jio Platforms overtake Bharti Airtel to become India’s most valuable telecom company by market capitalisation. It secured the second position among India’s listed companies by market value, behind its parent Reliance Industries.
Jio Platforms’ market capitalisation rose by Rs 52,031.02 crore from Rs 12,50,586.39 crore to Rs 13,02,617.41 crore on its debut day itself.
Jio Platforms’ impressive debut:
Jio Platforms made an impressive debut on the stock exchanges on Wednesday, with its shares opening at Rs 1,358 apiece on the BSE and NSE, a 21.36% premium over the issue price of Rs 1,119.
The shares listed at Rs 1,358 apiece, a premium of 21.35% over the IPO price of Rs 1,119.
The IPO attracted cumulative investor demand of Rs 7.4 lakh crore and more than 1.38 crore applications, setting benchmarks for issue size, institutional bidding, investor demand and participation in the primary market.
Jio surged past Hyundai Motor India, which raised Rs 27,858.75 crore, listed at Rs 1,931 against its issue price of Rs 1,960, a discount of 1.48%.
Akash Ambani, Managing Director of Jio Platforms after the company’s impressive IPO, outlined the company’s technology ambitions for the next decade, highlighting artificial intelligence (AI), cloud computing, connected devices, satellite-based connectivity and digital services as key areas of focus.