Jio’s big-bang listing may give it stock market’s No.2 crown after Reliance Industries

Jio Platforms’ Rs 30,200 crore IPO was India’s largest, attracting 655.68 crore shares of demand against 27 crore shares offered and total subscription of 22.2 times. At the upper end of the price band, Jio is valued at about Rs 10.3 lakh crore; a 15% listing gain could make it India’s second-largest listed company after Reliance Industries, while a 22% grey-market gain implies about Rs 12.5 lakh crore. The issue received nearly 1.4 crore applications, and Rs 27,500 crore of proceeds will be used to repay or prepay borrowings.