Meta- and Google-backed Jio Platforms’ shares soar over 21% on trading debut after record IPO
The offering drew more than $77 billion in bids, and the company plans to use most of the proceeds to repay debt.
- Jio Platforms surged 21% on Wednesday during its stock market debut, raising $3.2 billion in India's largest-ever initial public offering after attracting intense investor demand.
- According to BSE data, the public issue was subscribed more than 22 times, with the offering attracting more than $77 billion in investor bids across institutional and retail segments.
- Valued at around $131.9 billion, Jio is backed by Reliance Industries, which owns more than 66%, alongside Meta and Google, which invested $5.7 billion and $4.5 billion respectively in 2020.
- Managing Director Akash Ambani stated at the listing ceremony that he envisions Jio becoming a global technology company, while the firm plans to use $2.9 billion to repay debt at its telecom subsidiary.
- Serving more than 540 million customers, Jio received a buy rating from global brokerage Nomura, which set a target price of 1,340 rupees, implying 19.7% upside to the IPO price.
24 Articles
24 Articles
Jio IPO: Platform lists share at Rs 1358, 21 percent higher than original; Becomes second most valuable company
Jio Platforms made a blockbuster stock market debut on October 28, listing at Rs 1,358 per share, a premium of Rs 239, or 21.36 per cent, over its IPO price of Rs 1,119. The listing pushed its market capitalisation beyond Rs 12.5 lakh crore, making it India’s second-most valuable listed company after Reliance Industries. At the listing ceremony, Akash Ambani, Isha Ambani and Anant Ambani thanked investors, employees and customers, while highligh…
Isha Ambani says Jio IPO marks a promise, renews Dhirubhai Ambani’s trust with investors
Isha Ambani described Jio Platforms’ stock market debut as a promise to honour the trust of investors and customers, nearly five decades after Dhirubhai Ambani took Reliance Industries public. Jio’s Rs 30,200-crore IPO attracted over Rs 7 lakh crore in demand, with the stock listing at a 21.3% premium.
Billionaire Ambani's Jio jumps 21% in market debut after record India IPO
The company, home to India's biggest wireless operator and which is the digital services arm of billionaire Mukesh Ambani's Reliance Industries, opened at 1,358 rupees on the National Stock Exchange -- well up from its 1,119-rupee issue price. Launched a decade ago, Jio's wireless service disrupted the market with steep discounts that helped it rapidly win customers from rival telecom firms Bharti Airtel and Vodafone. With more than 530 million …
Ambani’s Jio surges 21% in Mumbai debut after record $3.2 billion India IPO
By Vibhuti Sharma and Aditya Kalra MUMBAI, Oct 28 (Reuters) - Jio Platforms shares soared 21% in their Mumbai debut on Wednesday, giving India's biggest-ever initial public offering a roaring start and Mukesh Ambani's Reliance Industries its first lis...
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