Ambani's Jio surges 21% in Mumbai debut after record $3.2 billion India IPO

Jio Platforms shares soared 21% in their Mumbai debut on Wednesday, giving India's ‌biggest-ever initial public offering a roaring start and Mukesh Ambani's Reliance Industries its first listing in two decades. With the listing, Jio, whose telecoms business serves more than 530 million customers, has become one of India's biggest companies ‌by market capitalisation. Ambani's digital and telecoms unit is backed by Meta Platforms and Alphabet's Google.

The stock ‌opened at 1,358 rupees a share, compared with its 1,119-rupee offer price. The listing furthers Ambani's plan to turn Jio's parent Reliance Industries from an oil-and-chemicals conglomerate into an "everything company" spanning consumer and technology.

The listing ceremony for Jio was attended by Mukesh Ambani, Akash ⁠Ambani, ​his eldest son, who ⁠is Jio's managing director, and his wife Nita Ambani. Ambani's other children Isha and Anant Ambani also attended. An emotional Mukesh Ambani ⁠was seen in tears as Anant traced Reliance’s and Jio’s legacies and journey in a speech at the ceremony.

A BUSY ​IPO MARKET Major Indian newspapers on Wednesday carried front-page ads from Reliance Jio, saying "Thank you, India."

Ahead ⁠of the listing, the premium for Jio shares in the grey market - an unregulated market that allows investors to trade ⁠in unlisted ​shares - indicated gains of about 22%. India has become the world's busiest IPO market this year in terms of the number of deals, with 246 listings so far, though it ranked fourth by ⁠money raised at $13.5 billion, behind the US, mainland China and Hong Kong, LSEG data showed.

Several brokerages called ⁠the $108.3 billion valuation attractive, with ⁠some pointing to potential upside, though they flagged competition, heavy capital spending and changes in India's telecom rules, including those related to spectrum, licensing and fees, ‌as risks.