Jio blockbuster debut propels Ambani's Reliance past Tata as top Indian conglomerate
INDA•Jio Platforms rose 21.4% to 1,358 rupees on its market debut, lifting Reliance group's combined market value to $314.36 billion and past Tata group's $314.3 billion. Jio's $3.2 billion IPO drew about $77 billion in bids.
1. Jio jumps on debut
Jio Platforms rose 21.4% to 1,358 rupees, compared with its 1,119-rupee issue price. The debut lifted Reliance group's combined market value to $314.36 billion, narrowly overtaking Tata group's $314.3 billion; Jio's market valuation reached $131.5 billion, above Bharti Airtel's $127 billion.
2. IPO draws strong demand
Jio's $3.2 billion IPO drew about $77 billion in bids, making it India's largest and most subscribed share sale. Market participant Arun Kejriwal said faith in the Jio brand and Ambani name was driving its premium listing, while the stock held up despite broader market weakness; the Nifty 50 was down 0.8%.
