Jio Platforms, India's largest telecom and digital services player, saw its shares jump 21.4% on their first day of trading. The company had offered 270 million shares in the IPO at 1,119 rupees apiece, raising 302 billion rupees ($3.2 billion) in the country's biggest-ever IPO.
The public issue was subscribed more than 22 times, with institutional investors leading demand. The qualified institutional portion was subscribed 70.55 times, while retail investors subscribed 2.72 times, according to data from the BSE.
Akash Ambani, managing director of Jio Platforms and heir of Indian billionaire Mukesh Ambani, said the IPO was fully subscribed within 95 minutes of its opening on Oct. 21.
Global brokerage Nomura gave Jio Platforms a buy rating on debut, setting a target price of 1,340 rupees, representing a 19.7% upside to the IPO price. Nomura noted that Jio's capital expenditure cycle is largely over and expects a sharp improvement in the company's free cash flow.
Shares were last trading at 1,357 rupees, above Nomura's target.
Mukesh Ambani's flagship company, Reliance Industries, owns more than a 66% stake in Jio Platforms. Meta Platforms' affiliate Jaadhu Holdings owns nearly 10%, and Google International owns 7.7%, according to LSEG data.