Jio jumps 27% after India’s record $3.1 billion IPO
Why it matters: The debut made Jio India’s second-most valuable listed company and pushed Reliance past Tata in market value.
Jio Platforms surged 27% in its stock market debut after raising a record $3.1 billion in India’s biggest initial public offering, giving investors a rare gain in a weak equity market. The rally valued the telecom and digital services company at about 13.05 trillion rupees, or roughly $137 billion, making it India’s second-most valuable listed company after parent Reliance Industries. Reliance still owns more than 64% of Jio after the IPO. The listing also lifted the Reliance group’s combined market value to 30.36 trillion rupees, overtaking Tata Group as India’s most valuable conglomerate. Jio’s offering was subscribed more than 22 times.