Jio Platforms rose almost 27% in its Wednesday trading debut, valuing the Reliance Industries telecom and digital unit at more than 13.05 trillion rupees ($137 billion). Its $3.1 billion IPO, the largest in India’s history, sold out in under 100 minutes and drew bids for 22 times the shares on offer. The listing pushed the combined market value of Mukesh Ambani’s Reliance group past 30.5 trillion rupees, overtaking Tata Group at 25 trillion rupees after Tata had ranked first for most of the past decade, according to data compiled by Bloomberg. Jio still has to wait months to join benchmark indexes like the Nifty 50, because exchanges must first launch derivatives contracts on its stock.
