A blockbuster open that reshuffled the leaderboard
Jio Platforms' first day on the exchange was enough to change India's market pecking order. The stock finished the session up almost 27%, taking Jio's valuation past 13.05 trillion rupees, or $137 billion. That in turn lifted Reliance Group's total market value above 30.5 trillion rupees, overtaking Tata Group at 25 trillion rupees, after Tata spent most of the past decade at the top.
The debut also reset telecom bragging rights. Jio jumped ahead of Deutsche Telekom and Bharti Airtel to rank as the world's fifth most valuable telecom company. Inside India, it now sits second by market value, behind only its parent, Reliance.
The IPO and the moment
Jio came to market after pricing India's biggest IPO, raising a record $3.1 billion. Investor demand was intense, with the entire allotment taken inside 100 minutes and subscribed 22 times over. At the listing ceremony, Mukesh Ambani rang the bell flanked by four generations of family, from his mother to his grandchildren, in what was described as an emotional moment.
"Sometimes a big listing can alter the mood of the investing nation, and we all hope Jio does that to the Indian market," said Shankar Sharma, founder of GQuant Investech.
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What investors should watch next
Near term, index funds will be on the sidelines. The stock will take months to enter headline benchmarks like the Nifty 50 because exchanges must first roll out derivatives on Jio before it becomes eligible. In the background, Reliance shares are down 26% this year while the NSE Nifty 50 is off almost 13%, a reminder that single-stock fireworks are landing in a softer market.
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