- Jio Platforms became India's second-most valuable company on its stock market debut
- Shares opened at Rs 1,358, 21.36% above the IPO issue price of Rs 1,119
- Jio's market value reached Rs 12.56 lakh crore, surpassing Bharti Airtel
Jio Platforms became India's second-most valuable listed company within hours of its stock market debut on Wednesday. The move pushed Tata Consultancy Services (TCS) out of the country's top five by market capitalisation.
Shares of the Reliance Industries-backed digital and telecom company opened at Rs 1,358 on the BSE. That is 21.36% above the IPO issue price of Rs 1,119. The stock rose as high as Rs 1,375 in early deals and was trading at Rs 1,363.45 at 11:29 am, up 21.85% from the issue price.
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At that price, BSE data valued Jio Platforms at Rs 12.56 lakh crore. Only Reliance Industries, at Rs 15.91 lakh crore, was worth more. Jio also moved ahead of rival Bharti Airtel, which was valued at Rs 12.11 lakh crore with its shares down 1.82% at Rs 1,941.95.
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TCS Falls Two Places
TCS ended Tuesday as the country's fifth most valuable company. By late morning on Wednesday it had dropped to seventh. It lost one place to Jio's arrival. It lost a second as its own shares fell sharply.
The IT major's stock was down 3.42% at Rs 2,414.45 at 11:27 am, after touching a low of Rs 2,409. That cut its market value to Rs 8.76 lakh crore. State Bank of India rose 0.97% to Rs 954.25, taking its market capitalisation to Rs 8.81 lakh crore. That was enough for SBI to move ahead of TCS by a margin of under 1%.
The weakness was spread across the IT sector. The BSE Focused IT index was down 2.73%. Infosys fell 4.74%, HCL Technologies declined 2.44% and Wipro slipped 1.04%. The benchmark Sensex was down 0.82% at 72,995.63.
The New Top Seven
The country's most valuable companies by BSE market capitalisation, at around 11:30 am:
- Reliance Industries: Rs 15.91 lakh crore
- Jio Platforms: Rs 12.56 lakh crore
- Bharti Airtel: Rs 12.11 lakh crore
- HDFC Bank: Rs 10.52 lakh crore
- ICICI Bank: Rs 9.88 lakh crore
- State Bank of India: Rs 8.81 lakh crore
- TCS: Rs 8.76 lakh crore
With Jio's arrival, Reliance-linked companies and telecom companies now take up the top three places.
A Thin Float
Jio Platforms is now one of India's largest companies, but very little of its stock is available to trade. BSE data puts its free-float market capitalisation at about Rs 27,367 crore. That is just over 2% of its total value, because the vast majority of its shares are held by promoters and strategic investors. Even so, trading was heavy: turnover in the stock crossed Rs 1,499 crore on the BSE by late morning.
The rankings could still change before the close. SBI is only slightly ahead of TCS, and Jio's lead over Bharti Airtel is about Rs 45,000 crore, or roughly 3.7%.
ALSO READ: Jio IPO's Real Winners: You Paid Rs 1,119/Share. What Meta, Google Paid And What It's Worth Now
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