Reliance Industries shares rise over 2% after Jio IPO filing
Reliance Industries shares got a boost Monday, climbing over 2%, after Jio Platforms officially filed for its IPO with the Securities and Exchange Board of India.
Investors are buzzing, and the stock hit a high of ₹1,345.45 before settling around ₹1,336 by midmorning.
Jio IPO to unlock Reliance value
Jio's IPO is expected to unlock big value for Reliance since it owns 66.43% of Jio Platforms.
All funds raised will go straight to Jio, and Chairman Mukesh Ambani even called this the company's most important "value creation milestone" of the year at its recent annual general meeting.
Jio IPO may beat Hyundai record
If all goes well, Jio's IPO might break Hyundai Motor India's record as the country's largest ever.
The move will reveal Jio's true market worth and make Reliance even stronger in telecom and digital services.