Jio jumps 27% in Mumbai debut after record $3.2 billion IPO
Why it matters: The rally valued Jio at about $137 billion and pushed Reliance past Tata as India’s most valuable conglomerate.
Reliance Jio Platforms surged 27% in its stock market debut in Mumbai on Wednesday after raising a record roughly $3.1 billion to $3.2 billion in India’s biggest initial public offering. The stock closed at 1,417.5 rupees, up from its 1,119-rupee offer price, giving the telecom and digital-services company a market value of about $137 billion. That made Jio India’s second-most valuable listed company after Reliance Industries and lifted the broader Reliance group above Tata Group by combined market capitalization. Jio, which serves more than 530 million customers, plans to use as much as $2.89 billion of the proceeds to repay telecom-unit borrowings.