Reliance Industries and Jio Platforms Lead India's Listed Companies by Market Value
Reliance Industries and its digital arm Jio Platforms topped India's market-capitalisation rankings after Jio's IPO, with valuations of Rs 15.7 lakh crore and Rs 13.1 lakh crore respectively.
Reliance Industries and its telecom and digital services subsidiary Jio Platforms emerged as India's two most valuable listed firms on Wednesday, October 28, after Jio's initial public offering. At the close of trading, Reliance Industries recorded a market capitalisation of Rs 15.7 lakh crore, while Jio Platforms stood at Rs 13.1 lakh crore.
Jio Platforms' shares closed at Rs 1,419, a 26.8 percent increase over the IPO issue price of Rs 1,119. The stock opened at Rs 1,358, representing a 21.4 percent premium, and rose an additional 4.5 percent during the session.
Reliance Industries' shares ended the day at Rs 1,158, maintaining its position as the group's flagship company. The listing also moved Jio Platforms ahead of Bharti Airtel to become the country's largest telecom firm by market capitalisation.
Public shareholders held 49.56 percent of Reliance Industries and 35.52 percent of Jio Platforms following the offering, according to the latest shareholding data. Although the two entities now trade separately, Reliance Industries retains a majority stake in Jio Platforms, meaning their combined market values do not directly reflect the group's overall economic worth.
The IPO, valued at Rs 30,213 crore, attracted more than 22 times the offered amount, with investor demand exceeding Rs 7.4 lakh crore and applications from over 1.3 crore investors. At the issue price, Jio Platforms' implied equity valuation was about Rs 10.3 lakh crore, rising to Rs 13.1 lakh crore at the close.
"Jio Platforms now serves more than 540 million customers, and we plan to expand beyond telecom into artificial intelligence, cloud computing, connected devices and space connectivity," said Managing Director Akash Ambani.
Brokerages such as Motilal Oswal Financial Services and Religare Broking noted that the separate listing could facilitate independent price discovery for the digital business, potentially unlocking additional value for the broader Reliance Group.