Shares of Jio Platforms, owned by Mukesh Ambani, underwent their market debut. Despite overall stock market volatility, Jio Platforms shares were listed at a premium of over 21%. The company's shares were priced at 1358 rupees, exceeding the upper price band of 1119 rupees, providing investors with significant profit in a fragmented market.
Following its listing, Jio Platforms became the second-largest company in the country by market capitalization, trailing Reliance Industries Limited. Jio Platforms shares demonstrated an impressive start on the stock exchange on Wednesday.
On the NSE, Jio Platforms shares were listed at 1358 rupees, representing a rise of 21.40% compared to the IPO price of 1119 rupees. According to grey market premium data, Mukesh Ambani's shares entered the market.
Thanks to this debut, Jio Platforms also became India's largest telecommunications company and ranked second in the country by market capitalization.
As part of the IPO, the lot size for Jio Platforms was set at 12 shares, requiring investors to invest 13,428 rupees per lot. With an upper price band of 1119 rupees and a listing price of 1358 rupees, investors gained a profit of 239 rupees per share.
Considering the return on the entire lot, if an investor invested 13,428 rupees, their amount increased to 16,296 rupees after listing, resulting in a profit of 2868 rupees per lot.
It is worth noting that retail investors could apply for a maximum of 14 lots in the Jio Platforms IPO, which required an investment of 1,87,992 rupees. When calculating the profit for the maximum lot, this amount increased to 2,28,144 rupees after listing, meaning an instant profit of 40,152 rupees.