Meta- and Google-backed Jio Platforms’ shares soar over 21% on trading debut after record IPO
The listing drew more than 13.8 million applications and 22.19 times bids, with institutional investors leading demand, exchange data showed.
- 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.
49 Articles
49 Articles
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 [...]
Shares of Mukesh Ambani's company, Jio Platforms, have been listed, and even amid the stock market turmoil, investors in the company's IPO have reaped substantial profits. With its stock market debut, Jio Platforms has become the country's second most valuable company.
Ambani Sheds Tears as Billionaire Clan Celebrates Jio Debut Pop
Jio Platforms surges 23 pc on debut, becomes India's No. 2 firm
Mumbai: Shares of Jio Platforms, the Reliance Industries-backed digital services company, made a blockbuster debut on Wednesday, October 28, surging nearly 23 per cent against the issue price of Rs 1,119 and becoming the second most valuable domestic firm by market capitalisation. The stock started trading at Rs 1,358, registering a jump of 21.36 per … Get the latest updates in Hyderabad City News, Technology, Entertainment, Sports, Politics and…
Reliance MD Mukesh Ambani Gets Teary-Eyed at Jio Listing Event
Reliance Industries Chairman and Managing Director Mukesh Ambani was visibly emotional during the Jio Platforms Limited (JPL) IPO listing ceremony on Wednesday, October 28, as his children Anant and Isha Ambani spoke about the group's journey and their father's contribution to its growth.
Coverage Details
Bias Distribution
- 48% of the sources lean Right
Factuality
To view factuality data please Upgrade to Premium
