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Jio shares surge 21% in market debut after blockbuster India IPO
Jio Platforms, billionaire Mukesh Ambani’s Indian telecom and digital services unit backed by Meta and Google, surged 21% in its stock market debut on Wednesday after raising $3.2 billion in India’s largest and most subscribed IPO, which…
AI Summary
Jio Platforms’ shares jumped 21% on their market debut, opening at ₹1,358 (≈$14) after the company raised $3.2 billion in India’s largest and most subscribed IPO. The offering attracted more than $77 billion in investor bids, valuing Jio at roughly ₹12.5 trillion (≈$131.9 billion). This makes the company India’s second‑most valuable listed firm, behind Reliance Industries at about ₹16 trillion (≈$168.6 billion). Jio’s IPO price was ₹1,119 (≈$12) per share, and the company had been backed by Meta and Google in 2020 when it was valued at up to ₹4.91 trillion (≈$65 billion).
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