Reliance Industries-backed Jio Platforms shares surged over 21% on their trading debut in Mumbai following India's largest-ever initial public offering, which successfully raised approximately $3.1 billion to $3.2 billion. Backed by technology giants Meta and Google, the digital services provider offered 270 million shares priced at 1,119 rupees apiece to secure total proceeds of 302 billion rupees, or 30,213 crore rupees, on Dalal Street.
How much did Reliance Jio raise in its record IPO?
Jio Platforms raised between $3.1 billion and $3.2 billion, translating to 30,213 crore rupees, through the issuance of 270 million shares at a fixed price of 1,119 rupees each. This capital-raising exercise officially stands as India's largest-ever initial public offering, drawing immense interest from institutional and retail participants alike before commencing trade on domestic exchanges.
Akash Ambani vowed to elevate Jio after the blockbuster IPO propelled the company's valuation past 12.5 lakh crore rupees, or approximately $131.5 billion.
What is Reliance Jio's new market valuation and ranking?
Reliance Jio achieved a market valuation soaring past 12.5 lakh crore rupees, reaching approximately $131.5 billion on its opening day. This stellar valuation instantly establishes Jio Platforms as India's second-most valuable listed company, trailing only its parent conglomerate, Reliance Industries, led by billionaire Mukesh Ambani.
How did the stock perform during its trading debut?
Jio Platforms shares climbed by 21.4% according to specific trading data, while general market reports highlighted a surge exceeding 20% to 21% on the Mumbai exchanges. The strong performance contrasted against broader indices, as Indian shares were otherwise projected for a lower open due to rising global oil prices weighing on investor sentiment.
