Meta- and Google-backed Jio Platforms’ shares soar over 21% on trading debut after record IPO
Source: CNBC ·
Jio 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.
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Jio Platforms' shares rose 21.5% on their trading debut Wednesday after a record initial public offering that was lapped up by retail as well as institutional investors. Jio's market capitalization was 12.5 trillion rupees ($131 billion), making it the second most valued company in India after its parent Reliance Industries, as per NSE data. This paves the way for its eventual inclusion in key benchmark indices. That inclusion will generate sufficient demand and protect the share price from any oversupply, Deven Choksey, founder and managing director at wealth management firm DRChoksey FinServ, told CNBC. He added that some of the investors who acquired a stake in Jio around 2021 may want to exit in around six months, by which time the stock will likely be included in the MSCI index and the Nifty 50 . India's largest telecom and digital services player 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…