Jio Platforms shares rose 21.4% on their first trading day, Wednesday, following a record initial public offering. The Indian group sold 270 million shares at 1,119 rupees each, raising 302 billion rupees, or $3.2 billion. The offering was subscribed more than 22 times, including 70.55 times by qualified institutional investors and 2.72 times by retail investors, and was fully subscribed within 95 minutes. Nomura issued a buy rating with a 1,340-rupee target price, implying 19.7% upside, while Reliance Industries, Meta affiliate Jaadhu Holdings and Google International own more than 66%, nearly 10% and 7.7% of the company, respectively.
Source: Read the original article
Disclaimer: this content is for information purposes only and is not financial advice. Cryptocurrencies are highly volatile: you may lose all of your capital. Always do your own research. Legal notice
