Jio Platforms Makes Strong Debut on Indian Stock Exchanges
(MENAFN) Jio Platforms, the telecommunications company backed by Reliance Industries, recorded a strong market debut on Wednesday, quickly becoming India’s second-most valuable domestic company by market capitalization.
The shares opened at 1,358 Indian rupees ($14) on both the National Stock Exchange of India (NSE) and the Bombay Stock Exchange (BSE), marking a 21.36% increase over the initial public offering price, according to reports.
During trading, the stock climbed to 1,375 rupees ($14.45) on the BSE, representing a gain of 22.87% from its issue price. On the NSE, it reached 1,374.50 rupees ($14.44), up 22.83%.
The debut followed Jio Platforms’ $3.2 billion initial public offering, which was fully subscribed within two hours of opening on Oct. 21. The offering marked the largest share sale in India’s history.
Reliance Industries is chaired by Mukesh Ambani, one of Asia’s wealthiest businesspeople. The conglomerate operates across several sectors, including energy, retail and telecommunications.
Ambani launched Jio’s mobile services in 2016, shaking up India’s telecommunications market by offering low-cost data packages and free voice calls.
With backing from US technology companies Meta and Google, Jio has since expanded to become India’s largest telecom operator, with a subscriber base exceeding 500 million.
The shares opened at 1,358 Indian rupees ($14) on both the National Stock Exchange of India (NSE) and the Bombay Stock Exchange (BSE), marking a 21.36% increase over the initial public offering price, according to reports.
During trading, the stock climbed to 1,375 rupees ($14.45) on the BSE, representing a gain of 22.87% from its issue price. On the NSE, it reached 1,374.50 rupees ($14.44), up 22.83%.
The debut followed Jio Platforms’ $3.2 billion initial public offering, which was fully subscribed within two hours of opening on Oct. 21. The offering marked the largest share sale in India’s history.
Reliance Industries is chaired by Mukesh Ambani, one of Asia’s wealthiest businesspeople. The conglomerate operates across several sectors, including energy, retail and telecommunications.
Ambani launched Jio’s mobile services in 2016, shaking up India’s telecommunications market by offering low-cost data packages and free voice calls.
With backing from US technology companies Meta and Google, Jio has since expanded to become India’s largest telecom operator, with a subscriber base exceeding 500 million.
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