Business & Finance
Jio Platforms becomes India's second most valuable company after IPO
Al Jazeera reports that the $3.2bn listing and a 21 percent share surge valued Jio Platforms at $131.5bn.
The short version
- Jio Platforms raised $3.2bn in its stock market debut, India's largest-ever initial public offering.[Al Jazeera]
- Shares rose 21 percent on Wednesday, valuing the company at $131.5bn and placing it behind only parent Reliance Industries.[Al Jazeera]
- Jio entered India's telecom market in 2016 with free data offers and a nearly $22.48bn investment commitment.[Al Jazeera]
- Elon Musk has accused Prime Minister Narendra Modi's government of stalling Starlink to favour Jio, in posts on X.[Al Jazeera]
Key facts
- Jio Platforms raised $3.2bn in its stock market debut, marking India's largest-ever initial public offering.[Al Jazeera]
- Jio Platforms' shares surged 21 percent on Wednesday, valuing the company at $131.5bn, second only to parent Reliance Industries.[Al Jazeera]
- Jio Platforms serves more than 530 million customers, and Meta and Google are among its major shareholders.[Al Jazeera]
- Jio's 2016 entry required a total investment commitment of nearly $22.48bn.[Al Jazeera]
- Seven of the 10 incumbent operators exited the Indian telecom market through bankruptcy or merger.[Al Jazeera]
- A research paper published in ScienceDirect, as cited by Al Jazeera, says Jio's entry triggered a 42.8 percent decline in average telecom revenue per subscriber.[Al Jazeera]
- Elon Musk accused Prime Minister Narendra Modi's government, in a series of X posts, of stalling Starlink's entry to favour Jio.[Al Jazeera]
What remains uncertain
- Musk's allegation that the government stalled Starlink to favour Jio is an unverified claim made in social media posts.[Al Jazeera]
- The 42.8 percent revenue decline is attributed to a single research paper and has not been independently confirmed in this reporting.[Al Jazeera]
Sources
Outlet counts describe coverage, not independent confirmation. Reports may share a wire service or original source.