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.
Jio Platforms climbed 27% in its stock market debut in Mumbai on Wednesday after raising about $3.2 billion in India’s largest initial public offering. The stock closed at 1,417.5 rupees, up from its 1,119-rupee offer price, valuing the telecom and digital services company at roughly $137 billion. That made Jio India’s second-most valuable listed company after Reliance Industries and lifted the wider Reliance group above Tata Group by combined market value. The listing is Reliance’s first in about two decades and marks Mukesh Ambani’s push to expand beyond oil and chemicals into consumer and technology businesses. Jio said it will use as much as $2.89 billion in net proceeds to repay borrowings at its telecom unit.