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Meta- and Google-backed Jio Platforms’ shares soar over 21% on trading debut after record IPO
Strong institutional and retail demand helped the telecom and digital services unit list at a 21.3% premium, with more than 22 times the shares on offer bid for.
- 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.
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A record stock exchange, big plans for the future and an angry Elon Musk: this is what the Indian company Jio Platforms stands for. On the first trading day, the shares of the company made a leap of 21 percent.
·Hamburg, Germany
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Coverage Details
Total News Sources89
Leaning Left10Leaning Right16Center11Last UpdatedBias Distribution43% Right
Bias Distribution
- 43% of the sources lean Right
43% Right
L 27%
C 30%
R 43%
Factuality
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