Jio Platforms has listed on the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE) at a share price of 1,358 rupees—a 21.36% premium over its issue price of 1,119 rupees.
This listing brings the standalone public market valuation of Reliance Industries’ telecommunications and digital services business to 12.5 trillion rupees (approximately $131 billion).
The IPO, valued at 302.13 billion rupees, was oversubscribed 22.19 times; 275 billion rupees of the proceeds will be used to repay the borrowings of its telecommunications subsidiary, Reliance Jio Infocomm.
Shares of Jio Platforms—the telecommunications and digital services arm of Reliance Industries—began trading on the Bombay Stock Exchange and the National Stock Exchange of India at a price of 1,358 rupees per share, representing a 21.36% premium over the issue price of 1,119 rupees.
On its first day of trading, the company reached a market capitalization of 12.5 trillion rupees (approximately $131 billion), compared to a market capitalization of 10.3 trillion rupees (approximately $108 billion) at the issue price.