Jio Platforms Debuts on NSE as Info Edge Posts Q2 Growth

Jio Platforms completed a strong initial public offering on the National Stock Exchange, closing at Rs 1,419 per share. This represents a 26.81% premium over the initial issue price of Rs 1,119. The company now holds a market capitalization of Rs 13.06 lakh crore, positioning it as India’s second most valuable listed firm.

Key Developments in Indian Markets

• Market valuation: Jio Platforms has surpassed major companies including Bharti Airtel and Tata Consultancy Services to become the second most valuable listed firm in India, trailing only Reliance Industries.
• IPO performance: The Rs 30,213-crore offering saw high demand, reaching full subscription within two hours of launch and closing 22 times oversubscribed.
• Info Edge earnings: The company reported a 12.2% year-on-year revenue increase to Rs 903.9 crore for the second quarter, alongside an 87% rise in net profit to Rs 649.8 crore.
• Leadership transition: Info Edge Managing Director and CEO Hitesh Oberoi will step down on December 2 after 27 years. Founder Sanjeev Bikhchandani is expected to take an expanded executive role.
• Startup support: PhysicsWallah’s School of Startups secured a two-year partnership with the Department for Promotion of Industry and Internal Trade to assist early-stage ventures in Tier-II and Tier-III regions.

Corporate Performance and Leadership Changes

Info Edge, which manages brands such as Naukri, 99acres, Jeevansathi, Aisle, and Shiksha, attributed its quarterly growth to its recruitment vertical and expansion within its property listing segment. While the recruitment and matchmaking sectors showed positive momentum, the company’s education business faced challenges during the period.

The upcoming leadership transition marks a significant shift for the firm. Hitesh Oberoi’s departure on December 2 will precede Sanjeev Bikhchandani’s move into an expanded executive role, a transition currently awaiting shareholder approval.