Jio platforms IPO attracts bids for more than double shares on offer
AgenciesJio Platforms’ $3.2 billion IPO drew bids for more than double the shares available by early Wednesday afternoon, after being fully subscribed in under two hours of public...
Jio Platforms' $3.2 billion IPO attracted bids for over double the shares on offer by early Wednesday afternoon. The sale, the first for billionaire Mukesh Ambani's Reliance in two decades, was fully subscribed within just two hours of public trading. Backed by Meta, Alphabet's Google, and institutional investors, Jio Platforms operates India's largest telecoms company, boasting more than 500 million subscribers and ranking as the world's second-largest telecoms operator in a single country after China Mobile.
Jio's rapid IPO bidding, attributed to its telecom business and strong fundamentals, stands in contrast to slow start times for other big IPOs in India, which typically see full subscription during the final days of the offering. Institutional investors rushed to secure their orders, with the overall book filled within 100 minutes.
The IPO values Jio Platforms at up to $108.3 billion, potentially positioning it among India's biggest companies by market capitalization upon trading commencement on October 28.
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