IPO listing record! Jio Platforms becomes India's largest telecom firm even before stock trading after ₹1358 settled

The listing of Jio Platforms has been on expected lines, with investors making a profit of nearly ₹2,900 per lot of 12 shares. Even before the formal listing, overseas brokerage firm Nomura has initiated coverage on Jio Platforms with an 'buy' rating and a target price of ₹1,340, implying a 20 per cent potential upside over IPO issue price of ₹1,119 apiece. The foreign brokerage said, as reported by Business Today, the stock may become a long-term value creator.

Among other brokerages, Motilal Oswal has also initiated coverage with a 'buy' rating and a target price of ₹1,350 per share in the base case, as reported by BT. However, its bull case scenario pegs Jio Platforms value at ₹1,690, suggesting a 51 per cent upside from its IPO price. Elara Capital also kicked-off the coverage on Jio Platforms with a 'buy' call and a target price of ₹1,367. jioMumbai-based Jio Platforms raised ₹30,213 crore through its primary stake sale, which was offered in the price band of ₹1,065-1,119 per share, with a lot size of 12 equity shares and multiples thereof.

India's largest primary offering so far was an entirely fresh share sale of ₹27 crore in equity shares. The IPO was subscribed 22.19 times, with a record 1.4 crore applications.Of the different investor categories, the portion reserved for qualified institutional bidders was subscribed 70.66 times, while the non-institutional investors' portion was subscribed 14 times. The retail investors' allocation was subscribed 2.27 times.

The shareholders' and employees' portions were booked 7.6 times and 2.93 times, respectively, during the three-day bidding period.Ambani vows to take Jio to new heights after blockbuster IPODirector Akash Ambani on Wednesday said investors' response to the company's initial public offering (IPO) exceeded expectations, and vowed to take the company to greater heights along with siblings Isha and Anant.Speaking at the listing ceremony, Ambani said the company aims to democratise technology with the potential to transform Indian lives over the next ten years, including connectivity from space."We promise to take Jio to greater heights of growth and excellence," Ambani said at the listing ceremony, which his parents, Mukesh Ambani and Nita Ambani, along with his siblings and grandmother, Kokilaben, also attended.He said the company's ambition is a digital society with Jio Platforms at its core, where connectivity, computing and intelligence work together seamlessly.The responsibility of the next generation of Ambanis is not just to preserve what they have inherited, but to make Jio bigger, better and more meaningful for India, Akash Ambani said.