Reliance Industries-backed Jio Platforms continued its strong stock market debut on Thursday, October 29, with shares rising another 5% in intraday trade after a blockbuster listing a day earlier. The stock climbed to an intraday high of ₹1,490, taking its gains to around 33% above the initial public offering (IPO) price of ₹1,119 in just two trading sessions.
The company's market valuation crossed ₹13.05 lakh crore, or around $137 billion, according to Bloomberg. Jio Platforms' strong debut followed its ₹30,213-crore IPO, which had priced the shares at ₹1,119 apiece. The stock opened at ₹1,358 on both the BSE and NSE, delivering listing gains of around 21% to investors who received shares in the offering.
Following its listing, Jio Platforms became India's second-most valuable listed company, behind parent Reliance Industries, whose market capitalisation stood at around ₹16.12 lakh crore. Jio also overtook Bharti Airtel in market value, underlining its position in India's telecom and digital services industry.
Despite the sharp rally, investors should assess Jio Platforms' business performance and valuation rather than base decisions solely on its listing gains, according to Ravi Singh, Chief Research Officer at Master Capital Services.
"The key factors to track will be whether the company can sustain revenue growth, improve profitability and execute its expansion plans while maintaining healthy cash flows. The listing-day jump matters less," Singh said.