Ambani’s US$3.2 billion Jio IPO attracts rapid bids in record Indian sale
The IPO is the first from Reliance since 2006
The US$3.2 billion Jio IPO spearheaded by billionaire Mukesh Ambani's Reliance Technologies attracted swift investment bids during a record Indian share sale. Within the first hour of public bidding on Wednesday, October 21, the offering saw 85% subscription as investors rushed to partake in India's largest share sale and the first from the conglomerate in two decades.
The IPO, valued at up to US$108.3 billion, could position Jio Platforms as one of India's biggest companies when trading commences on October 28. Currently, the telecom provider boasts over 500 million subscribers, making it the world's second-largest telecom operator in a single country, following China Mobile. While institutional investors have bid for 2.8 times their reserved quota, retail investors have only bid for 0.14 times their allocated shares.
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- India's Jio IPO opens for public bids in record US$3.2 billion sale channelnewsasia.com
