On its first day of trading, the stock price soared by over 21%, becoming the largest IPO in Indian history. The enthusiastic pursuit by top global institutional investors confirms the market's high confidence in this technology giant.

The latest stock price is reported at 1,362 rupees, which represents a substantial premium over the issue price of 1,119 rupees. This performance has surpassed the general expectations of institutional analysts. Nomura Securities assigned a 'buy' rating to Jio Platforms on Wednesday, with a target price of 1,340 rupees, implying a potential upside of 19.7% from the issue price. However, the actual stock price has already surpassed this target level.

This time, IPO raised a total of 302 billion rupees, approximately 3.2 billion US dollars, with a subscription multiple of over 22 times. Global top funds, including BlackRock, Capital Group, and the Singapore Government Investment Corporation (GIC), participated in the anchor investor placement. This milestone listing has injected a boost into large-scale transactions in India's capital market.

The largest IPO in history sold out within 95 minutes of opening.

Jio Platforms A total of 270 million shares were issued this time, with an issue price of Rs. 1119 per share, setting a new financing record in India's IPO history.

According to data from the Mumbai Stock Exchange ( BSE ), the overall oversubscription during the public subscription phase exceeded 22 times. Among them, qualified institutional investors ( QIB ) had an oversubscription ratio of up to 70.55 times, while retail investors had an oversubscription ratio of 2.72 times, indicating that institutional demand far exceeded that of retail investors.

The son of Mukesh Ambani, the Indian billionaire and Managing Director of Jio Platforms, stated before the listing ceremony that after the subscription opened on October 21st, the full subscription was completed in just 95 minutes. Including anchor investors, this issuance attracted a total demand of 78 billion US dollars.

Led by the parent company, Meta and Google are among the top performers.

According to LSEG data, Ambani's flagship company Reliance Industries (Reliance Industries) holds over 66% of the shares in Jio Platforms, making it the largest shareholder. A related company under Meta Platforms, Jaadhu Holdings, holds nearly 10% of the shares, ranking second; Google International (Google International) holds 7.7% of the shares, coming in third.

Nomura Securities released a report on Wednesday, covering Jio Platforms for the first time and giving it a buy rating with a target price of 1340 rupees. Nomura noted in the report that the capital expenditure cycle for Jio is basically coming to an end, and it is expected that the company's free cash flow will see a significant improvement.

However, on the first day of trading, the stock price exceeded Nomura's target price, with the latest transaction price at 1357 rupees. The market pricing reflects investors' more optimistic expectations for the long-term profitability of Jio.