Jio's Day-One Surge Adds Over Rs 2.76 Lakh Crore to Investor Wealth
* Jio shares jump Rs 300 above IPO price, gaining 26.81% on debut
* Market cap crosses Rs 13 lakh crore, with nearly Rs 2.76 lakh crore added in market value
* Jio becomes India's second-most valuable listed company; TCS slips out of top five
Jio Platforms made investors richer on its very first day on the stock market. The stock climbed to Rs 1,419 on Wednesday, up Rs 300 or 26.81% from its IPO issue price of Rs 1,119. The surge added nearly Rs 2.76 lakh crore to the company's total market value, taking Jio Platforms' market capitalisation to approximately Rs 13.07 lakh crore.
Jio made a strong start to trading, listing at Rs 1,358 per share, a premium of 21.4% over its issue price. The momentum continued after its market debut, with the stock rising further to Rs 1,419. That marked an additional gain of Rs 61, or 4.49%, over the listing price. The rally brought an early dose of Diwali cheer for investors.
Based on approximately 920.90 crore post-issue shares, Jio's valuation at the IPO price of Rs 1,119 stood at around Rs 10.31 lakh crore. At Rs 1,419 per share, its market capitalisation rose to nearly Rs 13.07 lakh crore, representing an increase of approximately Rs 2.76 lakh crore. This increase reflects the rise in the market value of Jio's total equity shares compared with their valuation at the IPO issue price.
Jio Platforms also emerged as India's second-most valuable listed company on its first trading day. Reliance Industries retained the top spot with a market capitalisation of around Rs 15.67 lakh crore, followed by Jio at Rs 13.07 lakh crore and Bharti Airtel at approximately Rs 12.16 lakh crore. HDFC Bank ranked fourth at around Rs 10.57 lakh crore, while ICICI Bank took fifth place at nearly Rs 9.89 lakh crore. Jio's entry pushed Tata Group's flagship IT company, TCS, out of India's top five most valuable listed companies.
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