The listing of Jio Platforms could propel the Reliance group past the Tata group to become India's most valuable business conglomerate by aggregate listed market capitalisation, a distinction highlighted by veteran banker Uday Kotak at the company's IPO press conference on Thursday.
“The RIL group, after Jio's listing, will be India's largest conglomerate basis listed market cap,” Kotak said.
The numbers lend weight to that assessment. Reliance Industries had a market capitalisation of approximately Rs 16.55 lakh crore on October 15, while separately listed Jio Financial Services was valued at around Rs 1.44 lakh crore. Together, the two companies had a market capitalisation of nearly Rs 18 lakh crore.
Jio Platforms, at the upper end of its IPO price band of Rs 1,119 per share, is valued at approximately Rs 10.3 lakh crore. Adding this to the existing market value of RIL and Jio Financial Services would take the Reliance group's aggregate listed market capitalisation to around Rs 28.3 lakh crore.
That would put it ahead of the Tata group, whose aggregate market capitalisation stood at Rs 25.5 lakh crore as of October 15, according to calculation by Moneycontrol. The Adani group ranked third at Rs 17.48 lakh crore.