BUSY IPO MARKET
Ahead of the listing, the premium for Jio shares in the grey market – an unregulated market that allows investors to trade in unlisted shares – indicates gains of about 22 per cent.
India has become the world’s busiest IPO market this year by number of deals, with 246 listings so far, but ranks fourth by money raised at US$13.5 billion, behind the United States, mainland China and Hong Kong, LSEG data showed.
Several brokerages called the US$108.3 billion valuation attractive, with some pointing to potential upside, though they flagged competition, heavy capital spending and changes in India’s telecom rules, including on spectrum, licensing and fees, as risks.
