Afghanistan, Oct. 29 -- Reliance Jio Platforms has become India's second-most valuable company, reaching a market valuation of about $137 billion after its shares surged on their stock-market debut following the country's largest-ever initial public offering (IPO).
The telecom and digital services company, led by billionaire Mukesh Ambani's Reliance conglomerate, raised $3.2 billion in the offering. Jio shares closed at 1,417.5 rupees on Wednesday, up about 27% from the IPO price of 1,119 rupees, according to Reuters.
The debut pushed Jio's market value above those of major Indian companies, including Bharti Airtel and HDFC Bank, leaving it behind only its parent, Reliance Industries. The broader Reliance group's combined market value rea...