Jio Platforms shares delivered a blockbuster stock market debut on Wednesday, 28 October, surging nearly 27% above its issue price to become India’s second-most valuable company after Reliance Industries, with a market capitalisation of around ₹13 lakh crore.
The strong listing bucked the trend among India’s mega IPOs, many of which have struggled to deliver gains on debut, offering a rare bright spot for investors amid a bruising equity selloff.
Jio Platforms shares opened at ₹1,358 on both the BSE and NSE, a 21.36% premium over the issue price of ₹1,119. The stock extended its gains during the session, closing nearly 27% higher and rewarding investors who subscribed to the country’s much-anticipated mega IPO.
The strong debut contrasts with the performance of several other large Indian IPOs, many of which have struggled to sustain their issue-price valuations. According to a Bloomberg report, the four IPOs that raised at least $2 billion this decade recorded a weighted-average decline of 9.9% on their first day of trading. Only one of them — the National Stock Exchange of India (NSE), which listed last month — had registered a gain on debut, Bloomberg data showed.
However, NSE’s subsequent performance has also come under pressure, with its shares slipping below the issue price, according to the report. Hyundai Motor India, whose ₹27,900 crore IPO held the record for India’s largest share sale before Jio Platforms, has also traded below its offer price.
Among the 11 major IPOs compared, Swiggy emerged as the strongest performer, gaining 8.57% from its opening price to its closing price. Jio Platforms followed with a 4.5% rise, while GIC Re advanced 2.4%. NSE and HDB Financial Services also ended higher, gaining 1% and 0.71%, respectively.
Life Insurance Corporation of India (LIC) posted a modest gain of 0.37%, while Tata Capital edged up 0.15%, rounding off the seven IPOs that recorded positive opening-to-close returns.
On the other hand, LG Electronics India declined 1.18% between its opening and closing prices. Hyundai Motor India fell 5.92%, while Bharat Coking Coal Ltd. (BCCL) shed 9.82%. Paytm was the weakest performer in the comparison, plunging 19.96% from its opening price to its closing price.
The comparison highlights the contrasting debut-day trading patterns of major IPOs, with Swiggy leading the gainers and Paytm recording the steepest decline. Jio Platforms’ 4.5% opening-to-close gain added to its strong listing, even as the broader set of large IPOs delivered mixed returns.
Arun Kejriwal, founder of Kejriwal Research and Investment Services, said Jio Platforms faced a key test given the track record of large IPOs in India. However, he believed the company could buck the trend, supported by its established legacy, the strength of the Reliance Industries group and its growth potential.
He added that the listing marks the beginning of the group’s third generation, bringing heightened expectations and greater investor scrutiny.
Kejriwal said Jio Platforms’ business outlook also differs from that of Hyundai Motor India and the National Stock Exchange (NSE). Hyundai’s existing plant was operating at capacity, while its planned expansion was expected to take around 18 months to become operational, potentially constraining near-term growth in revenue and profitability. Jio, on the other hand, operates in a growing sector, with tariff hikes already underway and data increasingly emerging as a key business driver.
Jio Platforms’ ₹30,213 crore initial public offering (IPO) closed with subscriptions of 22.19 times the shares on offer. Total demand across the public issue and anchor investor placement exceeded ₹7.4 lakh crore, while the number of applications approached a record 1.39 crore.
The IPO comprised an entirely fresh issue of 27 crore shares, with the price band set at ₹1,065– ₹1,119 per share.
Ahead of the public issue, Jio Platforms raised around ₹8,110 crore from 212 anchor investors on 19 October, allotting shares at ₹1,119 apiece, the upper end of the price band.
Disclaimer: This story is for educational purposes only. The views and recommendations above are those of individual analysts or broking companies, not Mint. We advise investors to check with certified experts before making any investment decisions.
Dhanya Nagasundaram works as a Content Producer at LiveMint, specializing in news related to financial markets, stocks, and business. With over eight years of experience in journalism and content creation, she has honed her skills in data-driven reporting and market analysis. Her focus is on monitoring stock trends, initial public offerings (IPOs), corporate news, policy shifts, and larger economic trends that affect investors and market players. <br><br> At LiveMint, Dhanya consistently writes and produces articles that make complex financial topics accessible to readers. She keeps a close eye on equity markets, commodities, and macroeconomic indicators, assisting audiences in comprehending how global and domestic events influence investment perspectives. Her stories frequently underscore emerging trends within sectors, the IPO market, company earnings results, and market strategies pertinent to both retail and institutional investors. <br><br> Before her tenure at LiveMint, Dhanya accumulated a wealth of professional experience at various companies, including MintGenie, Informist, Cogenics, Chary Publications, KPMG, and the Royal Bank of Scotland. These positions allowed her to establish a solid foundation in financial research, reporting, and content creation. <br><br> Throughout her career, she has explored numerous subjects such as trading strategies, commodities, IPOs, wealth generation, corporate profits, and macroeconomic indicators. Her background in both financial journalism and corporate settings has given her the ability to tackle stories with analytical rigor while ensuring clarity for her audience. Through her contributions, Dhanya strives to deliver insightful, trustworthy, and investor-centric financial content.
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