Shares of Jio Platforms logged positive gains on Thursday, marking their second consecutive session of advances on the domestic stock exchanges. On the BSE, the company's equity stock rose by 0.40 percent to finish the trading day at 1423.05 rupees. The counter saw aggressive buying interest during intra-day hours, jumping as much as 5.12 percent to touch an intra-day high of 1490 rupees. Similarly, on the NSE, the shares ended higher by 0.14 percent at 1419.50 rupees apiece, having advanced 5.09 percent during the session to hit an intra-day peak of 1489.70 rupees.
Valuation Expands by 5249.15 Crore Rupees on Thursday
Driven by the ongoing price momentum, the firm's overall market capitalization on the BSE swelled by 5249.15 crore rupees in a single day, finishing at 13,10,491.13 crore rupees. The digital services subsidiary of Reliance Industries has now closed more than 27 percent above its issue price of 1119 rupees within just two days of market debut. After marking a powerful debut on Wednesday, when the counter closed roughly 27 percent above its issue price, the entity cemented its position as the country's second most valuable publicly listed company by market capitalization.
Solidifying Second Spot Behind Reliance Industries
At the end of trading on Wednesday, Jio Platforms held an aggregate market valuation of 13 lakh crore rupees. Reliance Industries retains the top rank among the country's most valuable enterprises, holding a market capitalization of 15.92 lakh crore rupees. Behind the oil to telecom conglomerate, Jio Platforms now sits ahead of traditional heavyweights in the top five bracket, comfortably leading Bharti Airtel, HDFC Bank, and ICICI Bank in total market valuation.
Robust 22.19 Times Subscription During Public Offer
The stellar secondary market performance mirrors the massive investor appetite witnessed during the firm's 30,213 crore rupees initial public offering, which was subscribed 22.19 times overall. Cumulative bidding demand across the public offering and anchor investor allocations surpassed 7.4 lakh crore rupees, with total applications scaling to 1.39 crore. The public issue comprised entirely a fresh issuance of 27 crore equity shares, marketed within an established price band of 1065 rupees to 1119 rupees per share.
