Meta- and Google-backed Jio Platforms’ shares soar over 21% on trading debut after record IPO

Jio Platforms, the digital services arm of Reliance Industries, saw its shares rise 21.4% during its trading debut on Wednesday. The company raised approximately $3.2 billion through India's largest-ever initial public offering, offering 270 million shares priced at 1,119 rupees apiece. Hindu BusinessLine reports that the issue received 22.19 times overall subscription, with total demand across the public issue and anchor placement exceeding ₹7.4 lakh crore.

The IPO is part of billionaire Mukesh Ambani’s effort to diversify Reliance Industries from an oil and chemicals conglomerate into a technology and consumer-focused entity, according to CNA - Business. Hindu BusinessLine notes that the company will primarily use the proceeds from the fresh issue to repay up to ₹27,500 crore of borrowings at Reliance Jio Infocomm. At the issue price, the company is valued at approximately ₹10.3 lakh crore.

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