Jio Platforms shares jump in Mumbai market debut
Jio Platforms shares closed about 27 per cent higher at 1,417.50 rupees on their first day of trading in Mumbai on 28 Oct, according to Bloomberg. The listing followed an initial public offering that raised 302 billion rupees, or about 3.2 billion dollars, the largest IPO in India's history. The issue was subscribed about 22 times, with qualified institutional buyers taking up their portion roughly 70 times over. The company's market value reached about 12.5 trillion rupees, making it India's second most valuable listed company after Reliance Industries, which owns more than 66 percent of Jio.
Key facts
- Shares rose about 21 percent in early trading before closing higher, per CNBC and TechCrunch reports.
- Investor bids totaled more than 77 billion dollars, with over 13.8 million applications.
- Shankar Sharma, founder of GQuant Investech, called the listing a bumper one.
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Why it matters
The listing places Jio among India's largest listed companies and shifts the country's most valuable conglomerate ranking.
What changed
First published from The Economic Times, CNBC, TechCrunch and The National