Jio Platforms surges 21% on Mumbai market debut following record $3.2 billion IPO
The Meta- and Google-backed digital firm is now India’s second-most valuable listed company after floating shares at ₹1,358.
Shares of Jio Platforms surged 21 percent upon their stock market debut in Mumbai, following India's largest-ever initial public offering. The business opened trading at ₹1,358 per share, a significant premium over the IPO price of ₹1,119. At this debut price, the company achieved a valuation of $108.3 billion, or ₹12.5 lakh crore.
The strong market entry elevates the Meta- and Google-backed firm to the position of India’s second-largest listed company by market capitalisation. It now sits directly behind its parent conglomerate, Reliance Industries, replacing Bharti Airtel in the number two spot.
The record-breaking public offering raised $3.2 billion, equating to 302 billion rupees, through the issuance of 270 million shares. The market debut marks the first time in two decades that Reliance Industries has taken a company public. During the listing ceremony, Mukesh Ambani became visibly emotional as the shares commenced trading.
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