Jio Platforms, backed by Meta and Google, debuted on the Mumbai stock exchange following a record $3.2 billion initial public offering. The IPO attracted $77 billion in bids, reflecting strong investor interest for the company which serves over 530 million customers. During its first trading session, shares surged by more than 20%, bringing the company's valuation to approximately $108.3 billion.
The listing made the company India’s second-largest by market value after an offering that drew bids for 3.16 times the shares on offer on its first day.
Read the full storyThe stock rose to 1,358 rupees at the open, making the company India’s second-largest by market value after Reliance, despite declines in the main indexes.