Jio Platforms IPO Attracts Record Investor Interest

The ₹30,188 crore public issue received an overwhelming response from investors. Jio Platforms shares were offered at an issue price of ₹1,119 and made their stock market debut at ₹1,358 per share.

This resulted in a listing gain of ₹239 per share. Investors who received the minimum lot of 12 shares recorded a notional gain of approximately ₹2,868 at the listing price, excluding taxes and transaction costs. 

Anant Ambani Thanks Supporters at Listing Ceremony

The listing ceremony marked an emotional milestone for the Ambani family. Anant Ambani addressed supporters and expressed gratitude to the millions of people who contributed to Jio’s journey. The ceremony celebrated the company’s entry into the public markets and its growth into a major digital and telecommunications platform serving millions of people across India.

Read the full speech by Anant Ambani at the Jio Platforms IPO listing ceremony:

Jio Platforms Becomes India’s Second-Most Valuable Listed Company

Following its market debut, Jio Platforms reached a market capitalisation of approximately ₹12.5 lakh crore, making it India’s second-most valuable listed company after Reliance Industries. The listing also marked an important development for Reliance Industries as its digital and telecom business entered the public markets as a separately listed entity. 

In a tweet, DIPAM Secretary Tuhin Kanta Pandey expressed confidence that LIC’s IPO plans are on track and will take place in the January-March quarter of 2021-22.

Pandey tweeted that the plan is still on track for an IPO in the fourth quarter of this fiscal year.

“Some media speculation that the LIC IPO will not be possible this fiscal year is incorrect. The IPO is expected to take place in the fourth quarter of this fiscal year, according to the plan “The Secretary of the Treasury’s Department of Investment and Public Asset Management sent out a tweet.

In July, the Cabinet Committee for Economic Affairs (CCEA) gave its in-principle permission for LIC’s listing. For the transaction, the government has already hired ten merchant bankers.

The government amended the Life Insurance Corporation Act, 1956, earlier this year to make it easier for LIC to be listed.

According to the amendment, the federal government will own at least 75% of LIC for the first five years following the IPO, and at least 51% at all times after that. The authorised share capital of LIC will be Rs 25,000 crore divided into 2,500 crore shares of Rs 10 each, as per the amended legislation. In which Up to 10% of the LIC IPO issue would be reserved for policyholders.

Sitharaman had stated in her Budget Speech 2021 that the LIC IPO would be conducted in the fiscal year commencing April 1.