Jio’s Day-One Surge Adds Over Rs2.76 Lakh Crore to Investor Wealth
By Subrat Sarangi
Mumbai, Oct.28 : Jio Platforms made investors richer on its very first day on the stock market. The stock climbed to Rs1,419 on Wednesday, up Rs300 or 26.81% from its IPO issue price of Rs1,119. The surge added nearly Rs2.76 lakh crore to the company’s total market value, taking Jio Platforms’ market capitalisation to approximately Rs13.07 lakh crore.
Jio made a strong start to trading, listing at Rs1,358 per share, a premium of 21.4% over its issue price. The momentum continued after its market debut, with the stock rising further to Rs1,419. That marked an additional gain of Rs61, or 4.49%, over the listing price. The rally brought an early dose of Diwali cheer for investors.
Based on approximately 920.90 crore post-issue shares, Jio’s valuation at the IPO price of Rs1,119 stood at around Rs10.31 lakh crore. At Rs1,419 per share, its market capitalisation rose to nearly Rs13.07 lakh crore, representing an increase of approximately Rs2.76 lakh crore. This increase reflects the rise in the market value of Jio’s total equity shares compared with their valuation at the IPO issue price.
Jio Platforms also emerged as India’s second-most valuable listed company on its first trading day. Reliance Industries retained the top spot with a market capitalisation of around Rs15.67 lakh crore, followed by Jio at Rs13.07 lakh crore and Bharti Airtel at approximately Rs12.16 lakh crore. HDFC Bank ranked fourth at around Rs10.57 lakh crore, while ICICI Bank took fifth place at nearly Rs9.89 lakh crore. Jio’s entry pushed Tata Group’s flagship IT company, TCS, out of India’s top five most valuable listed companies.
