The Jio platform is making waves in the world. The company has joined the list of companies in the stock market that have achieved an equity valuation of over $100 billion at the time of initial public offering (IPO). The special thing is that before Jio, the names of Meta, Alibaba and SpaceX are included in this list. Jio Platforms made a stellar debut in the stock market on Wednesday, October 28 and became India’s second most valuable listed company.

Shares of Jio Platform traded in the stock market at Rs. 1,358 per share, compared to its Rs. 1,119 was 21.4 per cent higher (premium) than the IPO issue price. With this listing, the market capitalization of the company has reached 12.6 lakh crore rupees. It is behind its parent company, Reliance Industries, in the market capitalization rankings in India.

Based on its IPO offer price, Reliance Industries unit Jio Platforms is valued at around Rs. 10.3 lakh crore (about $108 billion) was estimated. Thus, it joined the ranks of companies like Meta, Alibaba and SpaceX, which had a valuation of more than $100 billion at the time of their first entry into the market (at the time of listing).

Jio has overtaken Bharti Airtel

Thanks to this strong listing, Jio Platforms overtook Bharti Airtel to become India’s most valuable telecom company in terms of market capitalization. The launch further strengthened the position of Reliance Industries, making Reliance Group India’s most valuable conglomerate based on the total market capitalization of all its listed companies.

Under the shareholder category, investors who had acquired a minimum lot of 23 shares were offered Rs. 5,497 was realized as a profit. The listing ceremony held at the National Stock Exchange (NSE) was also attended by members of the Ambani family, who marked the occasion by ringing a ceremonial bell.

Jio IPO receives record demand from investors

Despite volatility in global equity markets and selling pressure in Indian markets, Jio Platforms’ Rs. 30,213 crore IPO received huge demand. This issue was subscribed more than 22 times. Total demand including Public Offering and Anchor Investor Placement is Rs. was more than 7.4 lakh crore. The public issue was fully subscribed within 95 minutes of opening and the total number of applications crossed 1.3 crore.

The IPO is another major milestone in Jio’s journey to raise capital. Earlier in 2020, Jio raised nearly $20 billion through the private market from 13 strategic and private equity investors. During that fundraising process, major global companies like Meta and Google’s parent company Alphabet joined the Jio platform.

How was Jio’s journey?

Jio Platform’s entry into the public market comes a decade after Reliance Jio entered the Indian telecom industry and expanded access to affordable mobile data. According to managing director Akash Ambani, the company now has over 540 million customers. At the listing ceremony, Ambani outlined plans to expand Jio’s digital services beyond telecom connectivity to artificial intelligence, cloud computing, connected devices and space-based connectivity. The company is also exploring opportunities internationally by partnering with foreign operators to monetize its own telecom technology.