Jio rises 21% on market debut after $3.2 billion IPO

Jio Platforms rose 21% in its Wednesday stock market debut after raising $3.2 billion in India's largest IPO, TechCrunch reported. The Indian telecom and digital services company attracted more than $77 billion in bids; the offering drew bids for 22.19 times the shares available. Jio plans to use up to ₹275 billion of the proceeds to repay debt at its telecom subsidiary, Reliance Jio Infocomm, with the remainder for general corporate purposes. Its platforms serve more than 540 million customers, managing director Akash Ambani said. The IPO consisted entirely of newly issued shares; existing investors, including Meta and Google, sold none.