Jio Platforms' IPO lifts it to second-largest market-cap firm in India

Jio Platforms Ltd, the digital services subsidiary of Reliance Industries, recorded a market valuation of roughly ₹12.5 lakh crore after its initial public offering, making it the second-most valuable listed company in India. Reliance Industries remains the largest with a valuation of about ₹15.9 lakh crore, followed by Bharti Airtel, HDFC Bank and ICICI Bank in the top five.

The IPO, a fresh issue of 27 crore shares priced between ₹1,065 and ₹1,119, attracted demand of 22.19 times the offering and total applications worth over ₹7.4 lakh crore. The offering was fully subscribed within 100 minutes on its opening day, marking the fastest subscription of a mega public issue in the country.

"We promise to take Jio to greater heights of growth and excellence," said Managing Director Akash Ambani at the listing ceremony, adding that the company aims to build a digital society where connectivity, computing and intelligence are integrated.

The combined market capitalisation of Jio Platforms and Reliance Industries now exceeds ₹28 lakh crore, while Tata Consultancy Services fell out of the top five after the new rankings were released.