Jio Platforms, India's largest telecom and digital services company, rose 21.4% in its trading debut after raising ~$3.2B in the country's largest IPO (Priyanka Salve/CNBC)

Jio Platforms, the digital services arm of Reliance Industries, saw its shares rise 21.4% on its Wednesday trading debut in Mumbai following a record-breaking $3.2 billion initial public offering. According to Techmeme, the IPO was supported by both retail and institutional investors. Live Mint reported that the stock opened at 1,358 rupees per share, compared to its offer price of 1,119 rupees. The company, which serves more than 530 million customers, has become one of India's largest companies by market capitalization.

The IPO was heavily oversubscribed, with Malay Mail noting demand was more than 22 times the shares offered, while Hindu BusinessLine reported an overall subscription of 22.19 times. At the issue price, the company was valued at approximately ₹10.3 lakh crore. Hindu BusinessLine further stated that the proceeds from the fresh issue will primarily be used to repay up to ₹27,500 crore of borrowings at Reliance Jio Infocomm.

The listing is part of Mukesh Ambani's effort to diversify Reliance Industries from an oil-and-chemicals conglomerate into a technology and consumer "everything company," according to Live Mint and CNA - Business. The listing ceremony was attended by Mukesh Ambani, his wife Nita Ambani, his eldest son and managing director Akash Ambani, and his other children Isha and Anant Ambani.

Brief written by urgent.news from Techmeme, Live Mint, Malay Mail, Hindu BusinessLine, CNA - Business — 5 reports on this story. Machine-written — may contain errors; check the original before relying on it.