Meta- and Google-backed Jio Platforms’ shares soar over 21% on trading debut after record IPO
Jio had offered 270 million shares in the IPO priced at 1,119 rupees apiece, raising 302 billion rupees ($3.2 billion) in the country's largest-ever IPO.
Jio Platforms shares rose 21.4% during their trading debut on Wednesday following a record-breaking initial public offering. According to Techmeme, the rise occurred after the company's IPO was embraced by both institutional and retail investors. The offering consisted of 270 million shares priced at 1,119 rupees apiece, raising approximately 302 billion rupees ($3.2 billion).
Malay Mail reports that the IPO was the largest ever in India and served to cap Mukesh Ambani’s long-term efforts to diversify his conglomerate beyond oil refining. As the digital services arm of Reliance Industries, Jio Platforms houses the country's largest wireless operator. Prior to the listing, grey market platforms indicated a premium of roughly 22 percent for the shares.
Brief written by urgent.news from CNBC World, CNBC, Techmeme, Malay Mail, Hindu BusinessLine — 5 reports on this story. Machine-written — may contain errors; check the original before relying on it.
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- Jio Platforms Listing Today: Rs 30,213 crore IPO eyes strong debut on Dalal Street economictimes.indiatimes.com
- Mukesh Ambani Gets Emotional At Jio Platforms IPO Listing, Isha And Anant Ambani's Heartfelt Speeches Steal The Show freepressjournal.in
- Jio Platforms storms Dalal Street, lists 21% above issue price thehindubusinessline.com
- Meta- and Google-backed Jio Platforms’ shares soar over 21% on trading debut after record IPO cnbc.com
