Meta- and Google-backed Jio Platforms’ shares soar over 21% on trading debut after record IPO

JUST IN: Jio Platforms shares soar more than 21% on their trading debut after India's largest-ever IPO, which raised $3.2 billion. The company is backed by Meta and Google.

India's biggest IPO ever just popped 21 percent on day one.

Jio Platforms raised 3.2 billion dollars, priced at 1,119 rupees a share, and by Wednesday it was trading at 1,357. The whole thing sold out in 95 minutes when the books opened last week, and the institutional portion was subscribed more than 70 times over. The big money wasn't just interested, it was elbowing.

This is Mukesh Ambani's empire at work. His Reliance Industries keeps a 66 percent stake, Meta holds nearly 10, Google another 7.7, and his son Akash runs the show. Nomura already slapped a buy rating on it with a target of 1,340 rupees. Small problem, the stock blew past that target before lunch on its first day.

So the record IPO is now a stock that outran its own bull case in a morning. Gravity usually gets a vote eventually.

This is Angel Manalo, reporting for HIT.