Jio Platforms, owned by Mukesh Ambani, continues to set records since its IPO launch. After the IPO was fully subscribed just 100 minutes after opening, the company secured the second position in the country by market capitalization on the stock market.
It is worth noting that Reliance Industries of Mukesh Ambani still holds the first place on this list. On Wednesday, Jio Platforms shares successfully debuted on the stock exchange with a 21 percent premium, yielding investors a profit of about 3000 rupees per lot.
Shares of the digital service company Jio Platforms, backed by Reliance Industries of Mukesh Ambani, opened on the stock exchange with a premium of over 21.40% compared to the IPO price of 1119 rupees. The debut occurred at 1358 rupees per share. As a result, in terms of market capitalization, the company became the second most significant in the country, reaching a valuation of 1,250,586.39 crore rupees.
The Jio Platforms IPO set several records since its launch. It was fully subscribed in just 100 minutes after opening to retail investors. Furthermore, the initial public offering (IPO) amounting to 30,213 crore rupees was subscribed 22.19 times. The total demand for the public offering and the placement for anchor investors exceeded 7.4 lakh crore rupees, and the number of applications reached 1.39 crore, which is a world record. Consequently, the company became the largest telecommunications company in the country.
It should be recalled that Reliance Industries of Mukesh Ambani has long dominated the list of the country's most valuable companies, with its market capitalization at around 16 lakh crore rupees. In Jio Platforms, which listed on the stock exchange on Wednesday, Reliance accounts for 66.4 percent.
The listing of Jio shares took place during a stock market downturn. On Wednesday, both the Sensex and Nifty indices showed a significant drop immediately after trading opened. The Bombay Stock Exchange's Sensex index fell by more than 700 points, and the National Stock Exchange's Nifty index slipped by more than 200 points. Nevertheless, despite the market chaos, the Jio Platforms IPO demonstrated its strength and generated profits for investors.
