New Delhi, Oct. 28 -- Jio Platforms Ltd. is set to debut on the stock market on Wednesday after a record-breaking initial public offering, pitting billionaire Mukesh Ambani's telecom giant against a negative trend for India's mega deals in a challenging market environment.

The company raised $3.1 billion at 1,119 rupees a share in an offering subscribed more than 22 times, giving it a market value of about $107 billion. The shares traded at a premium of about 22% on the gray market late on Tuesday, according to the ipowatch.in and investorgain.com platforms.

Jio's trading debut is the final hurdle for the long-awaited IPO of one of the crown jewels of Ambani's empire. The listing is a rare opportunity for investors to buy into one of th...