Investing.com-- Jio Platforms Ltd (NSE:JIOP) shares surged more than 20% in their Mumbai market debut on Wednesday, as investors piled into the telecoms and digital services company following India's largest-ever initial public offering, raising $3.2 billion.
The shares rose as much as 22.8% to 1,374.50 rupees by 11:02 IST after opening at 1,358 rupees, compared with the IPO price of 1,119 rupees.
The company was valued at approximately $131.5 billion, Reuters reported. The listing makes Jio India's second-largest listed company by market capitalisation, behind its parent Reliance Industries, and ahead of Bharti Airtel and HDFC Bank.
The strong debut follows demand for the IPO that exceeded the shares on offer more than 22 times, with institutional investors leading subscriptions. The offering attracted bids worth about $77 billion, highlighting investor appetite for India's telecoms and digital economy despite concerns about valuations across technology stocks.
Backed by Meta Platforms (NASDAQ:META) and Alphabet's Google (NASDAQ:GOOGL), Jio serves more than 530 million customers and is central to chairman Mukesh Ambani's strategy to transform Reliance from an oil-and-chemicals conglomerate into a diversified consumer and technology group.
Original Article
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