Jio shares jump 5% after 21% IPO debut
What's the story
Jio Platforms' shares witnessed a massive surge, jumping another 5% on Thursday. The telecom giant's stock closed its listing-day session at ₹1,417 on the National Stock Exchange (NSE) and jumped to a high of 1,489.70 on Thursday. The rise comes after a strong market debut where the company's shares listed at a premium of over 21% to the IPO price.
Market position
India's 2nd-largest listed company by market capitalization
With its successful debut, Jio Platforms has become India's second-largest listed company by market capitalization.
The company's shares debuted at ₹1,358 each, valuing it at around ₹12.5 lakh crore.
This puts it ahead of Bharti Airtel (market cap of around ₹12.1 lakh crore) and only behind its parent company Reliance Industries, which is valued at roughly ₹15.95 lakh crore.
IPO performance
Jio Platforms' IPO was a blockbuster
The IPO of Jio Platforms witnessed a strong response from investors, getting fully subscribed in just 100 minutes after opening.
The ₹5,500 crore QIB portion was subscribed within the first 10 minutes.
By the end of its third day, the IPO had been subscribed 22.2 times against shares on offer, while the QIB portion was subscribed 70.55 times.