Jio Platforms lists at 21% premium, valued at ₹12.5 lakh crore

Jio Platforms began trading on India’s stock exchanges on October 28 at ₹1,358 a share, about 21% above its IPO price of ₹1,119, valuing the telecom and digital services company at approximately ₹12.5 lakh crore. The listing followed an offering subscribed 22.19 times, according to exchange data, with about 1.4 crore applications reported for the issue. The shares opened at ₹1,358 on both the National Stock Exchange and BSE. At 10:15 a.m., Jio was trading at ₹1,357.2 on the NSE, broadly unchanged from its opening price. The listing-day valuation placed it among India’s most valuable listed companies and above Bharti Airtel by market capitalization, based on the reported figures at the time. Jio Platforms raised about ₹30,213 crore through the fresh issue of 27 crore shares. Existing shareholders did not sell shares in the offering. The company said it would use up to ₹27,500 crore of the proceeds to repay debt at its telecom subsidiary, Reliance Jio Infocomm, with the remaining amount allocated to general corporate purposes. The listing puts a public-market price on a business whose financial results remain heavily tied to telecom. Jio Platforms’ prospectus reports revenue...