Geo's IPO nets $3.2 billion in hours
Reliance Jio Platforms, an Indian company, announced that it raised $3.2 billion through a public offering in less than two hours, making it one of the largest IPOs in India, with a market valuation of $108.3 billion. The high investor demand was evident, as institutional investors submitted bids exceeding 3.25 times their allocated share, while individual investors, who were allocated one-third of the shares, placed bids at 0.22 times their allotment. Jio is the largest telecommunications company in India, primarily operating in the telecom sector, which accounts for about 90% of its revenue. It attracts customers by offering low data prices and free services. The shares are set to begin trading on October 28, marking a significant milestone in the Indian IPO market, especially during an economic slowdown season.
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