Jio valued at $108 billion in IPO, joins Meta, Alibaba and SpaceX club | All you need to know

Jio Platforms has joined a select group of founder-led businesses, including Meta, Alibaba and SpaceX, to achieve an equity valuation exceeding $100 billion at the time of their initial public offering (IPO). The milestone comes as Jio Platforms made a blockbuster stock market debut on Wednesday, October 28, becoming India's second most valuable listed company.

Jio Platforms shares listed at ₹1,358 apiece on the stock exchanges, a premium of 21.4% over the IPO issue price of ₹1,119. The listing pushed the company's market capitalisation to ₹12.6 lakh crore, placing it behind only parent Reliance Industries in India's market capitalisation rankings.

At its IPO offer price, Jio Platforms was valued at approximately ₹10.3 lakh crore, or around $108 billion, putting it alongside Meta, Alibaba and SpaceX in the group of founder-led businesses valued at more than $100 billion around the time of their public market debut.

Quick answers to key questions

•5 QUESTIONS

1

What was Jio Platforms valued at in its IPO?⌵

At its IPO offer price, Jio Platforms was valued at approximately ₹10.3 lakh crore, or about $108 billion. This placed it among founder-led businesses such as Meta, Alibaba and SpaceX that exceeded a $100 billion valuation around their public-market debut.

2

At what price did Jio Platforms shares list, and what was the premium?⌵

Jio Platforms shares listed at ₹1,358 on the BSE and NSE, compared with the IPO issue price of ₹1,119. That was a premium of about 21.4%.

3

Why did Jio Platforms become India's second-most-valuable listed company?⌵

Its strong debut gave Jio Platforms a market capitalisation of around ₹12.5–12.6 lakh crore. This placed it behind Reliance Industries and ahead of other listed companies, including Bharti Airtel.

4

How much did Jio Platforms raise through its IPO?⌵

Jio Platforms raised ₹30,213 crore through its public issue. The IPO was subscribed more than 21 times, according to the reports.

5

Should investors consider Jio Platforms' 21% IPO listing premium a sign of future gains?⌵

The strong debut showed substantial demand at listing, but it does not establish future performance. The reports also noted risks including competition, heavy capital spending and changes in telecom rules.

The strong listing propelled Jio Platforms past Bharti Airtel to become India's most valuable telecom company, raising $13 billion from 13 strategic and private equity investors in 2020.

That fundraising brought major global investors into Jio Platforms, including Meta and Google's parent Alphabet.

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Shares of Jio Platforms made a blockbuster debut on Wednesday, surging nearly 23 per cent against the issue price of ₹1,119 and becoming the second most valuable domestic firm by market capitalisation.

The stock started trading at ₹1,358, registering a jump of 21.36 per cent from the issue price on both the BSE and NSE.

The company's market valuation stood at ₹12,57,401.07 crore.

Later, the stock hit the days high of ₹1,375, up 22.87 per cent from the issue price on the BSE.

At the NSE, it climbed 22.83 per cent to ₹1,374.50.

Director Akash Ambani on Wednesday said investors' response to the company's initial public offering (IPO) exceeded expectations, and vowed to take the company to greater heights along with siblings Isha and Anant.

Speaking at the listing ceremony, Ambani said the company aims to democratise technology with the potential to transform Indian lives over the next ten years, including connectivity from space.

"We promise to take Jio to greater heights of growth and excellence," Ambani said at the listing ceremony, which his parents, Mukesh Ambani and Nita Ambani, along with his siblings and grandmother, Kokilaben, also attended.

He said the company's ambition is a digital society with Jio Platforms at its core, where connectivity, computing and intelligence work together seamlessly.

The responsibility of the next generation of Ambanis is not just to preserve what they have inherited, but to make Jio bigger, better and more meaningful for India, Akash Ambani said

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