Ambani magic captivates India once more with blockbuster deal
Mukesh Ambani’s ability to raise billions of dollars and win over investors has endured for decades. He showed it once again with Jio Platforms Ltd., which pulled off India’s biggest-ever initial public offering and a strong trading debut despite a difficult market backdrop.
Shares of the telecom and digital-services arm of Reliance Industries Ltd. closed 27% higher in Mumbai after the company raised $3.1 billion in the offering. That was the second-best start among large Indian IPOs that raised at least 150 billion rupees ($1.6 billion), trailing only Coal India Ltd.’s 40% listing pop in 2010.
