Jio shares surge 21% in India’s biggest-ever IPO

Jio Platforms shares jumped 21% on their stock market debut on Wednesday, as India’s largest-ever initial public offering (IPO) launched with a $3.2 billion fundraise and valued telecoms and digital services giant Jio at around $108.3 billion.

Shares were trading at 1,358 rupees on the Mumbai stock exchange, compared with the issue price of 1,119 rupees, Reuters reported. This is the first time Mukesh Ambani’s Reliance Industries group has gone public since 2006.

Jio Platforms, which is most renowned for Reliance Jio Infocomm, India’s biggest telecoms company, which has over 530 million customers.

The listing came as the Iran war and market uncertainty have dented investor appetite for new offerings. The IPO was oversubscribed and reports suggest demand was about $77 billion, Reuters added.

Reliance’s entrance signifies the further expansion of Ambani’s efforts to build Reliance beyond its flagship oil and chemicals businesses into telecoms, digital and tech.