Jio Platforms Shares Surge 21% Following Record-Breaking India IPO
Jio Platforms, the digital services unit of Reliance Industries, saw its shares jump 21% in a historic market debut on Wednesday. The company raised $3.2 billion through India's most subscribed IPO to date, attracting over $77 billion in investor bids and more than 13.8 million applicants. The stock opened at ₹1,358, significantly higher than its initial offering price of ₹1,119. The successful listing brings Jio's valuation to approximately ₹12.5 trillion ($131.9 billion), making it India’s second-most valuable listed entity. Managing Director Akash Ambani stated that the company aims to evolve into a global technology leader beyond its core telecom services, which currently serve over 540 million customers. The company plans to utilize a significant portion of the IPO proceeds to repay debt at its subsidiary, Reliance Jio Infocomm.
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Topics: Digital Services IPO Stock Market Listing Telecom
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