Jio Platforms has joined a select group of founder-led businesses, including Meta, Alibaba and SpaceX, to achieve an equity valuation exceeding $100 billion at the time of their initial public offering (IPO). The milestone comes as Jio Platforms made a blockbuster stock market debut on Wednesday, October 28, becoming India's second most valuable listed company.
Jio Platforms shares listed at Rs 1,358 apiece on the stock exchanges, a premium of 21.4 percent over the IPO issue price of Rs 1,119. The listing pushed the company's market capitalisation to Rs 12.6 lakh crore, placing it behind only parent Reliance Industries in India's market capitalisation rankings.
At its IPO offer price, Reliance Industries’ arm Jio Platforms was valued at approximately Rs 10.3 lakh crore, or around $108 billion, putting it alongside Meta, Alibaba and SpaceX in the group of founder-led businesses valued at more than $100 billion around the time of their public market debut.
The strong listing also propelled Jio Platforms past Bharti Airtel to become India's most valuable telecom company by market capitalisation. The debut further strengthened Reliance Industries' position, making the Reliance Group India's most valuable conglomerate by aggregate listed market capitalisation.
For investors allotted the minimum lot of 23 shares under the shareholder category, the listing price translated into a gain of Rs 5,497 over the IPO allotment price. The listing ceremony at the National Stock Exchange (NSE) was attended by members of the Ambani family, who marked the occasion with a ceremonial gong strike.