Jio Platforms shares surge 21% in record Indian IPO debut

Summarised from 3 outlets · Updated 28 Oct, 05:44 · Archive

Jio Platforms, India's largest telecom company backed by Meta and Google, raised $3.2 billion in the country's largest initial public offering.

Jio Platforms' shares rose 21.4% on their trading debut on Wednesday after India's largest initial public offering, which was fully subscribed within 95 minutes of opening on 21 October. The company offered 270 million shares priced at 1,119 rupees each, raising 302 billion rupees ($3.2 billion). The public issue attracted bids for more than 22 times the shares on offer, with over 13.8 million retail and institutional investors applying.

The offering valued Jio at around 12.5 trillion rupees ($131.9 billion), making it India's second-most valuable listed company after its parent, Reliance Industries. Reliance Industries owns more than 66% of Jio Platforms, with Meta Platforms' affiliate Jaadhu Holdings holding nearly 10% and Google International owning 7.7%. Global funds including BlackRock, Capital Group and GIC participated in the anchor portion, which drew total demand of $78 billion.

Akash Ambani, Jio Platforms' managing director and heir of Indian billionaire Mukesh Ambani, said the company's platforms serve more than 540 million customers. Global brokerage Nomura gave Jio a buy rating with a target price of 1,340 rupees, saying the company's capital expenditure cycle is largely complete and expects sharp improvement in free cash flow. Jio entered India's telecom market in 2016 with free data and low-cost services, and has since expanded into broadband, cloud services and artificial intelligence.

How it is being reported

• Indian billionaire Mukesh Ambani’s Jio Platforms makes blockbuster stock market debutThis is now India's second-largest company by market capitalisation, valued at about $131.5bnIndependent Business · 28 Oct, 06:07
• Jio shares surge 21% in market debut after blockbuster India IPOJio has debuted as India's second-most valuable listed company, behind its parent, Reliance Industries.TechCrunch · 28 Oct, 05:20
• Meta- and Google-backed Jio Platforms’ shares soar over 21% on trading debut after record IPOJio had offered 270 million shares in the IPO priced at 1,119 rupees apiece, raising 302 billion rupees ($3.2 billion) in the country's largest-ever IPO.CNBC · 28 Oct, 05:16

In this story: Jio Platforms · Meta · Google · Reliance Industries · Mukesh Ambani · Akash Ambani · India

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