Jio Platforms shares jumped 5% on their second trading day, pushing the company's market capitalization to ₹13.7 trillion. The stock is now trading 33% above its IPO price of ₹1,119, making it the second-most valuable listed company in India.
Jio Platforms continued its strong market performance on its second day of listing, with shares rising 5% to hit an intraday high of ₹1,490 on the BSE. This move pushed the company’s total market capitalization to ₹13.7 trillion, establishing it as the second-most valuable listed firm in India, trailing only its parent company, Reliance Industries.
The stock has seen significant momentum since its market debut, currently trading 33% above its initial public offering price of ₹1,119. This performance follows a record-breaking public offering that saw an overall subscription of 22.19 times. Institutional demand was particularly strong, with the Qualified Institutional Buyers segment subscribed 70.55 times. The IPO attracted over one crore applications, setting a new benchmark in the domestic equity market.
With a user base of 533.3 million subscribers and a 60% share of India's total data traffic, Jio Platforms holds a dominant position in the telecom and digital services sector. This scale places the company as a key competitor to established players like Bharti Airtel. The company plans to utilize the funds raised from the offering to reduce debt within its telecom subsidiary and strengthen its general corporate reserves, which may improve its balance sheet flexibility.
The rapid rise in market valuation has reshaped the domestic corporate hierarchy. Investors tracking the company are likely to monitor future updates on debt reduction, subscriber growth trends, and the ability of the company to maintain its data traffic market share amidst intense competition. Any future commentary from management regarding capital allocation and business expansion will remain important as the company settles into its status as a major listed entity.