Mumbai, Oct 28: Shares of Jio Platforms, the telecommunications and digital services arm of Reliance Industries, made a robust debut on the stock exchanges on Wednesday, October 28, listing at Rs 1,358 per share on both the National Stock Exchange (NSE) and the BSE — a premium of 21.36 per cent over the IPO issue price of Rs 1,119, Upstox reported.

Source: Upstox

One lot of the IPO consisted of 12 shares and cost Rs 13,428 at the issue price. Investors who received an allotment gained Rs 2,868 per lot at the listing price, taking the value of one lot to Rs 16,296, Upstox reported.

Source: Upstox

Rs 1,358Listing price on NSE and BSE
21.36%Premium over the Rs 1,119 issue price
Rs 30,213 croreIPO size — India's biggest ever
22.19 timesOverall subscription

The IPO was solely a fresh issuance of 27 crore equity shares valued at Rs 30,213 crore, with no offer-for-sale component. Of the money raised, Rs 27,500 crore will be used for debt clearance of the company's material subsidiary Reliance Jio Infocomm Ltd, and the remaining funds for general corporate purposes, Upstox reported, citing the company's prospectus.

Source: Upstox

The initial public offering was subscribed 22.19 times, securing bids for 4,38,26,15,568 shares compared with 19,75,25,934 shares on offer, according to NSE data cited by Upstox. The qualified institutional buyers (QIB) portion was subscribed 70.55 times, the non-institutional investors quota 14 times and the retail category 2.72 times — figures also reported by CNBC-TV18 ahead of the listing.

Source: CNBC-TV18 via TradingView

Reuters reported that the $3.2 billion IPO drew $77 billion in bids, that Jio is backed by Meta and Alphabet's Google, serves more than 530 million customers, and was valued at up to $108.3 billion, potentially becoming one of India's biggest companies by market capitalisation as trading began.

Source: Reuters via Devdiscourse

Before the IPO, the company raised Rs 8,109.85 crore from anchor investors, including Life Insurance Corporation of India, the Government of Singapore, BlackRock, Fidelity, BNP Paribas, the Monetary Authority of Singapore and the Abu Dhabi Investment Authority, Upstox reported.

Source: Upstox

On listing day itself, brokerage Motilal Oswal initiated coverage on Jio Platforms with a 'buy' recommendation and a base-case target of Rs 1,350, while Nomura also initiated with a 'buy' and a target of Rs 1,340, CNBC-TV18 reported. The debut came on a weak morning for the wider market, when the Sensex and Nifty opened sharply lower on IT selling and crude oil above $115 a barrel.

Source: CNBC-TV18 via TradingView