Jio Platforms Ltd.’s blockbuster stock market debut propelled its parent Reliance Industries Ltd. past Tata Group as India’s largest conglomerate by market value. Jio’s shares rose as much as 23% on their first day of trading, giving the company a valuation of more than 12.5 trillion rupees ($131.4 billion). This pushed Reliance Group’s combined market value past 30 trillion rupees, surpassing Tata Group at 25 trillion rupees.
Jio, which listed after India’s largest IPO, also overtook Bharti Airtel Ltd. to become the sixth-most valuable telecom firm globally. The $3.1 billion IPO was fully sold out in less than 100 minutes and oversubscribed 22 times. Reliance’s shares have tumbled 25.4% this year, while the NSE Nifty 50 has slipped 13.3%.
Jio will have to wait months before inclusion in India’s headline indexes.
Source: Bloomberg Markets · Summarized by HeadlinesBriefing