Jio Platforms Rises 21.4% in Trading Debut After Record IPO

Jio Platforms gained 21.4% in its first trading session Wednesday after an initial public offering raised $3.2 billion, setting a record for the largest IPO in India. The Indian company is backed by Meta and Google, connecting the listing to two technology firms familiar to U.S. readers.

The offering was subscribed 22 times. In practical terms, demand measured 22 times the size of the share sale, while $3.2 billion was the amount Jio Platforms raised. The 21.4% gain refers to the shares' move after trading started, so it describes the market debut rather than the amount raised in the IPO.

For U.S. readers, the listing pairs two reference points: a record $3.2 billion Indian IPO and a 21.4% first-session rise. The first number measures money raised in the share sale; the second captures the shares' move after trading opened. Jio Platforms' debut also brings an India-based company backed by Meta and Google into public trading.