Jio Platforms Jumps 27% in $3.1 Billion IPO, Becomes India’s No. 2 Company
Updated
Updated · The New York Times · Oct 28
Jio Platforms Jumps 27% in $3.1 Billion IPO, Becomes India’s No. 2 Company
3 articles · Updated · The New York Times · Oct 28
Summary
$3.1 billion raised in India’s biggest-ever IPO helped Jio Platforms surge 27% on its trading debut, lifting its market value to nearly $140 billion.
That gain made the telecom and data arm of the Ambani empire India’s second-most valuable listed company, behind only parent Reliance Industries.
The strong debut stood out in a weak equity market where benchmark indexes have largely stalled for two years and many of this year’s 300-plus listings slipped below issue price.
Bankers said demand remained strong for high-quality companies backed by major conglomerates, offering mutual funds a rare fresh winner.
The listing also underscored Jio’s decade-long impact since its 2016 launch, which helped push India into an era of mass digital consumption.