Meta- and Google-backed Jio Platforms’ shares soar over 21% on trading debut after record IPO
The listing drew more than $77 billion in bids and lifted Jio past Bharti Airtel to become India’s second-most valuable company.
- 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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67 Articles
Jio’s record $3.2 billion IPO sparks Ambani celebration with drones, DJs and live music
New York: Asia’s richest man, Mukesh Ambani, known for throwing lavish weddings for his children, is splashing out again as he celebrates his Reliance conglomerate’s first initial public offering in two decades with a gala featuring drones and performances near a helipad.Jio Platforms’ $3.2 billion IPO, India’s largest ever, attracted record bids, and its shares surged 21% on Wednesday, valuing the telecoms-to-digital company at $131.5 billion.I…
Market Debut: Jio Platforms Makes a Grand Entry Into the Stock Market
<p>Jio Platforms Limited made a high-profile debut on the stock market, with the listing ceremony in Mumbai highlighting the company’s growth, its digital ambitions and its vision for India’s technological future. According to the report, Jio entered the market with approximately 80 lakh shareholders, setting a record for the highest number of shareholders among Indian companies at the time of their initial listing. During the ceremony, Mukesh A…
Ambani’s Jio surges 21% in Mumbai debut as valuation soars to $131.5 billion - Regional Media News
By Vibhuti Sharma and Aditya Kalra MUMBAI, Oct 28 (Reuters) - Shares of billionaire Mukesh Ambani's Reliance Jio Platforms soared 21% in their Mumbai debut on Wednesday, making it India's second-largest company by market capitalisation, valued at about $131.5 billion. Jio, whose telecoms business serves [...]
Akash Ambani vows to take Jio to greater heights, democratise new tech, space connectivity in 10 yrs
Mumbai, Oct 28: After a blockbuster IPO, Jio Platforms' Managing Director Akash Ambani on Wednesday vowed to take the company, which is at the core of making digital connectivity affordable for Indians, to greater heights and democratise newer technologies, including space connectivity. Speaking ahead of the listing of the company's shares following the Rs 30,213 crore issue, Ambani said this is not a finish line but a start line for the company…
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