Jio Platforms Lists at 21 Percent Premium, TCS Falls Out of Top Five

Jio Platforms listed on the NSE and BSE at 1,358 rupees per share, a 21.36 percent premium over the issue price of 1,119 rupees. The listing followed a 3.2 billion dollar IPO priced at the upper end of its band.

The IPO received 22.19 times overall subscription, with total demand across the public issue and anchor placement exceeding 7.4 lakh crore rupees. At the issue price, the company was valued at approximately 10.3 lakh crore rupees.

“Jio Platforms listed at 1,358 rupees on the NSE and BSE, with a 21.36 percent premium above the offer price of 1,119 rupees.”

After listing, Jio Platforms' market capitalization reached around 12.5 lakh crore rupees, making it the second most valuable company in India. Reliance Industries remained first with a market cap of about 16.20 lakh crore rupees.

TCS shares fell about 3.5 percent to 2,411.70 rupees on the listing day, reducing its market cap to about 8.76 lakh crore rupees. The company slipped from fifth to sixth place, the first time in decades it has fallen outside India's top five.

Broader market pressure also weighed on IT stocks. The IT sector declined about 3.3 percent, with Infosys shares falling about 4.4 percent and HCLTech shares falling about 3 percent amid global economic uncertainty and rising crude oil prices.

Jio Platforms plans to use proceeds from the fresh issue primarily to repay up to 27,500 crore rupees of borrowings at Reliance Jio Infocomm. Analysts have advised investors to consider a long-term holding strategy based on the company's digital ecosystem and growth opportunities.