Jio Platforms IPO opens 21.4% higher, values company ₹12.6L/cr
Business
Jio Platforms, part of Reliance Industries, just hit the stock market and made waves right away: shares opened at ₹1,358, which is 21.4% higher than the issue price.
This launch instantly pushed Jio's value to ₹12.6 lakh crore, making it India's second most valuable company.
Jio overtakes Airtel, IPO oversubscribed ₹7.5L/cr
Jio didn't just stop there: it overtook Bharti Airtel to become India's top telecom company by market value.
The IPO was a huge hit: oversubscribed with more than ₹7.5 lakh crore in bids from over 1.3 crore applications, a new Indian record!
Akash Ambani shared that it was fully subscribed in just 95 minutes, and the Ambani family marked the big moment by striking a ceremonial gong at the National Stock Exchange.