Reliance’s Jio soars on market debut after Indian record $3.1bn IPO
(Bloomberg) -- Jio Platforms Ltd. surged in its debut, bucking a poor track record of India’s biggest share sales and giving investors a rare bright spot amid a bruising equity selloff.
Jio Platforms, the telecoms and digital services company owned by billionaire Mukesh Ambani, made a strong debut on the Indian market following a record-breaking $3.1 billion initial public offering (IPO). Shares of the company surged by 27% to 1,417.50 rupees ($14.90) after the IPO, valuing Jio at $137 billion. This makes Jio India's second-most valuable listed company, trailing only Reliance Industries, and lifts the Ambani family's conglomerate past the Tata Group as the most valuable in the country.
Industry experts believe that Jio's successful debut will have a positive impact on the Indian market, as it presents a positive sign amidst a declining equity market. Despite initial expectations falling short, strong demand fueled the optimism surrounding the IPO, with over $78 billion in bids and nearly 14 million applications.
While the listing faces risks such as delays in telecoms licences and spectrum issues, Jio's market-leading position and improving monetisation are expected to drive its long-term growth.
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