Jio Platforms made a strong stock market debut on Wednesday, opening at ₹1,358 on both NSE and BSE, a 21.36% premium to its ₹1,119 issue price. Retail investors who won a lot of 12 shares are sitting on a listing gain of about ₹2,868. The opening lifted Jio’s market value to ₹12,50,586 crore within minutes of trading, well above the roughly ₹10.3 lakh crore valuation implied at the IPO price. The debut came close to grey market expectations of about ₹1,366. Jio opened above the targets of Nomura at ₹1,340 and Motilal Oswal at ₹1,350, and stands just below Elara’s ₹1,367 target. The ₹30,213 crore offer is India’s largest IPO and drew bids 22.19 times the shares available.
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