Jio Platforms lists at 21.36% premium even as Indian markets retreat

Dubai: Jio Platforms shares debuted at Rs1,358 apiece on the NSE and BSE on October 28. The listing came at a 21.36 per cent premium to the Rs1,119 issue price, a gain of Rs 239. For those in the UAE, that converts to about Dh52.8 against Dh43.5 at issue. At Rs 12.6 lakh crore, Jio Platforms becomes India's second most valuable company after Reliance Industries.

The Ambani family marked the moment together with Mukesh Ambani, his wife and children all present at the opening bell ringing ceremony. Akash Ambani thanked investors for their support and also for the thumping response the IPO received in its bidding stage as the issue sold out in 95 minutes.

Isha Ambani chimed in saying “Today is not a finish line, it's a promise”. Anant Ambani, the younger of the siblings spoke first, moving his father to tears. “Today the bell at the exchange will ring for me like a temple bell,” he said.

Mukesh Ambani had framed the listing in June as proof that “India can build technology companies of global scale, global capability, and global value.” As Akash concluded his speech he said he will ensure that Jio Platforms joins the world's leading technology companies. "My dream is that one day, when the world counts its great technology companies, one of them will be from India, and that company will be called Jio Platforms Limited." 

Brokerages moved before the opening bell. Nomura initiated coverage with a Buy rating and a Rs1,340 target. Elara began with a Buy and a Rs1,367 target. Elara’s target sits 0.7 per cent above the opening price. Nomura’s target falls slightly below today’s listing price. 

Dalal Street offered a rough backdrop for this debut. The Sensex and Nifty each lost nearly 1 per cent as fears of a wider Middle East conflict and a jump in oil prices rattled buyers trying to stage a recovery.

Oil prices climbed 1.6 per cent to $115.7 ​a barrel after an attack on a refinery in top exporter Saudi Arabia renewed concerns about energy ​supply disruptions and inflation. The  Nifty IT index was down more than 3 per cent. India’s Volatility Index VIX jumped 3 per cent.