Jio IPO listing ceremony: Response surpassed our expectations, says Akash Ambani, MD of Jio Platforms Limited
Akash Ambani, the Managing Director of Jio Platforms, on Wednesday said that the response to the company’s Initial Public Offering (IPO) has surpassed expectations. Speaking at the listing event, Ambani thanked 'new family of Jio shareholders' and expressed confidence that "Together with shareholders we will make a new Jio. Our success is measured by the ambitions we encourage and the potential we unlock towards a better India."
He also promised to take Jio to greater heights of growth, excellence.
"Jio aims to democratise every technology that can transform Indian lives, including connectivity from space Akash Ambani said.
“Let me begin with the one word that matters most today: gratitude. I am deeply grateful to the millions who believed in Jio and made this day possible. Thank you all from the bottom of my heart. Today, the bell at the stock exchange will ring for me like a temple bell,” he said.
Quick answers to key questions
•5 QUESTIONS
1
At what price did Jio Platforms shares list, and how much was the premium?⌵Jio Platforms shares opened at ₹1,358, compared with the IPO issue price of ₹1,119 per share. That was a premium of about 21%.
2
How many times was the Jio Platforms IPO subscribed?⌵The IPO was subscribed more than 22 times. It attracted more than $78 billion in bids and nearly 14 million applications.
3
Why did Akash Ambani say the response to Jio’s IPO surpassed expectations?⌵The offering drew strong investor demand, with subscriptions exceeding 22 times and the shares listing at a 21% premium. Akash Ambani thanked the new Jio shareholders for their support.
4
Does Jio’s grey-market premium guarantee its listing price?⌵No. Grey-market premiums are unregulated and do not guarantee the price at which a stock will trade on the exchange.
5
What risks were highlighted for Jio Platforms after its IPO?⌵Articles cited competition, heavy capital spending and changes to telecom rules as risks. Jio’s dependence on telecom licences and spectrum was also highlighted.
Earlier, Jio Platforms made its debut at the Bombay Stock Exchange (BSE) and settled at a price of ₹1,35 , a premium of 21% in comparison to its issue price of ₹1,119 per share. The IPO was subscribed more than 22 times, giving it a market value of about $107 billion. The shares traded at a premium of about 22% on the gray market late on Tuesday, according to the ipowatch.in and investorgain.com platforms.
Recalling the journey of Reliance Industries and Jio, Anant Ambani, the Executive Director of Reliance Industries, said, “Once-barren land of Jamnagar turned into the site of the world's largest refinery. He showed the world that when India builds, the world takes notice. Then came the New India, the young India, and a new dream: internet in every hand and the world within reach of every village. The name of that dream was Jio.”
Isha Ambani, Executive Director of Reliance Retail Ventures, recalled a recent private family conversation regarding the history of the group's public offerings.
"A few evenings ago, at our dinner table, my father, Shri Mukesh Ambani, was remembering his days in 1977. He was 20 years old, working on Reliance's first public offering. My grandfather, Shri Dhirubhai Ambani, had decided to take Reliance to the people," she said.
Outlining the financial scale attained by the digital unit within a decade, she noted, "This year, Jio earned about USD 15.5 billion in revenue and about USD 8 billion in real earnings. Very few companies anywhere in the world have done this. That too in only 10 years. But behind every number is a customer. And to every customer, Jio aapne banaya. You welcomed it."
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