Ambani’s Jio has record India IPO fully subscribed within hours
Bids exceed the 197.5 million shares on offer within the first two hours
Mukesh Ambani's telecommunications venture, Jio Platforms, saw a record initial public offering (IPO) with 100% subscriptions within the first two hours of bidding. The IPO exceeded the number of shares offered by 197.5 million, with retail investors accounting for nearly 23% of the subscribed shares. Jio Platforms aims to be India's largest company by listing, but faces competition from Bharti Airtel, its closest rival.
The IPO marks Ambani's return to the capital market after 20 years and seeks to unlock value for Reliance Industries. However, Jio's valuation is lower than anticipated, reflecting a saturated market and investors favoring companies that generate higher revenue per customer. Industry analysts predict that Jio will need to demonstrate growth post-listing to meet public shareholders' expectations.
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Also reported by 1 other outlet
- Jio IPO: QIB portion fully subscribed at over 2x demand within minutes timesofindia.indiatimes.com
