Shares of Mukesh Ambani’s Jio Platforms rose 21 per cent shortly after its debut on Wednesday, marking India’s biggest-ever listing. The telecoms business raised $3.2bn in an initial public offering, valuing the company at $108bn. Bids totalled more than $78bn, offering relief to a tough market for blockbuster offerings.
The listing marks the finale of a seven-year lead-up after Ambani first voiced the idea of taking public India’s largest mobile network, which has more than 530mn subscribers and has been backed by the likes of Google, Meta and KKR. Ambani’s eldest son Akash — who is Jio Platforms’ managing director — has been leading the float, which came during a downturn in India’s stock market. The Nifty 50 index has fallen 14 per cent this year as the war in Iran hits India’s economy, which relies on oil and gas imports.
Jio had to lower its valuation target from $150bn this summer.
Source: Financial Times Companies · Summarized by HeadlinesBriefing