Jio Platforms closes 27% above issue price on debut; market cap passes ₹13 lakh crore

Jio Platforms made a strong stock market debut. The shares listed at a 21% premium to the issue price of ₹1,119 and closed the day 27% higher. Market capitalisation moved past ₹13 lakh crore, according to CNBC-TV18, which first reported these figures.

The company had raised ₹30,213 crore in its IPO, the biggest in India's history. The issue was subscribed 22.19 times. Bids topped ₹7 lakh crore, made up of ₹2.5 lakh crore from anchors and ₹4.9 lakh crore from the public. The earlier bid record belonged to LG Electronics India at ₹4.4 lakh crore. Jio is the most bid-for Indian IPO in at least two decades, CNBC-TV18 reported.

The broader market was weak. The Sensex fell 353 points to 73,246 and the Nifty 50 fell 51 points to 22,699. Oil prices, with Brent crude above $115, and a pending US Fed decision weighed on sentiment.

Akash Ambani, Managing Director of Jio Platforms, said Jio plans to bring cloud computing, AI and connected devices to many more people over the next ten years, first reported by CNBC-TV18. Business Today first reported the roles of Mukesh Ambani, Chairman and Managing Director of Reliance Industries, and Anant Ambani, Executive Director of Reliance Industries. Anant Ambani's speech at the debut recalled Dhirubhai Ambani and Jio's role in India's digital journey.