Jio Platforms has launched the largest initial public offering in India's history, raising 302 billion rupees, or approximately $3.2 billion. The company offered 270 million shares priced at 1,119 rupees each, drawing demand that exceeded the shares on offer by more than 22 times.
Shares of the telecom operator surged during their first day of trading, following hopes of a strong debut that had been fueled by unofficial market trading. This successful listing has established Jio Platforms as India's second-most valuable listed company, trailing only its parent company, Reliance Industries.
The listing is part of a broader plan by Mukesh Ambani, Asia's richest man, to transform Reliance Industries from an oil-and-chemicals conglomerate into an everything company spanning technology and consumer sectors. However, the surge in share price comes as questions arise regarding the firm's growth prospects and the transition of leadership to a new generation.