Reliance Industries shares rise after Jio Platforms files for IPO
Reliance Industries shares ended over 1 per cent higher after Jio Platforms filed draft papers for a proposed IPO that could become India's largest. Investor sentiment was also supported by Mukesh Ambani's growth roadmap focused on AI, broadband, clean energy and consumer businesses
New Delhi: Shares of Reliance Industries ended over 1 per cent higher on Monday after its digital services arm Jio Platforms filed draft papers for what could become India’s largest-ever initial public offering.
The positive trend in the stock also came after billionaire Mukesh Ambani unveiled a roadmap for the company’s next phase of growth spanning artificial intelligence, satellite broadband, clean energy and consumer businesses at the company’s 49th annual general meeting on Friday.
The bellwether stock settled at Rs 1,326.55, up 1.31 per cent, on the BSE. During the day, it rallied 2.75 per cent to Rs 1,345.45.
At the NSE, the stock ended unchanged at Rs 1,309.50. Shares of the company edged higher by 2.70 per cent to Rs 1,344.90 in intraday trade.
The company’s market valuation surged by Rs 23,275.96 crore to Rs 17,95,158.92 crore on the BSE.
The rally in the blue-chip stock was also instrumental in driving the markets higher. The 30-share BSE Sensex climbed 291.17 points, or 0.38 per cent, to end at 77,094.07. The 50-share NSE Nifty rose 89.80 points, or 0.37 per cent, to 24,102.90.
Jio Platforms, the telecom-to-technology company that transformed India’s digital landscape over the past decade, filed a draft red herring prospectus with market regulator SEBI on Friday for a fresh issue of up to 27 crore shares.
Sources familiar with the matter had said that the IPO could raise about Rs 37,700 crore (USD 4 billion), valuing the company at around USD 137 billion.
The public offer aims to unlock value from Jio Platforms, whose telecom arm has grown into the world’s second-largest mobile operator by subscribers in a single country after China Mobile.
