Meta- and Google-backed Jio Platforms’ shares soar over 21% on trading debut after record IPO
The record IPO drew 22.19 times the shares on offer and attracted bids worth more than Rs 7.4 lakh crore, according to exchange data.
- 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.
94 Articles
94 Articles
The action of Jio Platforms, the country's leading telecommunications company, jumped by 21% on Wednesday, achieving the largest entry on the Indian Stock Exchange. It has made the pride of the Ambani family, the richest in the country, while the owner is about to pass the torch to his children. It is the largest stock exchange introduction ever made in India, valued at $3.2 billion. Jio Platforms, the country's leading telecommunications and di…
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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.
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