Jio joins Meta and Alibaba in $100B IPO club
What's the story
Jio Platforms has joined an elite club of founder-led companies with a market capitalization of over $100 billion at the time of their initial public offering (IPO). The company made a strong debut on October 28, listing its shares at ₹1,358 each on stock exchanges. This was a premium of 21.4% over the IPO issue price of ₹1,119 per share.
Market value
Jio Platforms' market cap crosses ₹12 trillion
The strong listing pushed Jio Platforms' market capitalization to around ₹12.5-12.6 lakh crore, making it India's second-most valuable listed company after parent Reliance Industries.
At its IPO offer price, Jio Platforms was valued at around ₹10.3 lakh crore or some $108 billion, placing it in the same league as other tech giants like Meta ($104 billion), Alibaba ($231 billion on its first day of trading), and SpaceX (roughly $1.77 trillion at debut).
Telecom leader
India's most valuable telecom company
The strong debut also helped Jio Platforms overtake Bharti Airtel to become India's most valuable telecom company.
The company had raised $20 billion from 13 strategic and private equity investors in 2020, including tech giants like Meta and Google's parent Alphabet.
Akash Ambani, Director of Jio Platforms, said the response to their IPO was beyond expectations and promised to take the company to new heights along with his siblings Isha and Anant.
Future plans
Akash promises to democratize technology
Speaking at the listing ceremony, Akash said their goal is to democratize technology with the potential to transform Indian lives over the next decade.
He promised a digital society with Jio Platforms at its core, where connectivity, computing, and intelligence work together seamlessly.
"We promise to take Jio to greater heights of growth and excellence," he said at the event attended by his parents Mukesh and Nita Ambani along with siblings Isha and Anant.