Jio Platforms IPO: QIB Quota Booked Within Minutes, Issue Subscribed 58% So Far

Reliance Industries' digital services arm, Jio Platforms, experienced immediate success in its initial public offering (IPO) as qualified institutional buyers (QIBs) fully subscribed their portion within minutes of the market opening. Overall, the issue was booked at 58% of the shares on offer. Investors placed bids for 11.48 crore shares against 19.75 crore shares available, according to BSE subscription data.

The QIB category, which includes domestic financial institutions, banks, and insurance companies, received 9.57 crore shares against 4.90 crore shares reserved, leading to a subscription of 1.95 times the offered amount. Domestic financial institutions, banks, and insurance companies were the primary source of institutional demand, bidding for 8.04 crore shares, while foreign institutional investors placed bids for 1.28 crore shares.

Non-institutional investors (NIIs) and retail investors also participated, subscribing to 12% and 10% of their respective quotas. The employee portion of the IPO was subscribed at a 26% rate, with eligible Reliance Industries shareholders subscribing to 21% of their allocation. Jio Platforms set a price band of ₹1,065–₹1,119 per share for the issue, which closes on October 23.

At the higher end, the company could raise ₹30,213 crore ($3.2 billion), making it one of India's largest IPOs. The offering consists of a fresh issue of up to 27 crore shares, with no offer-for-sale component. The funds raised will be used to prepay certain borrowings and for general corporate purposes. Jio Platforms aims to expand beyond telecom connectivity into fixed broadband, cloud services, enterprise solutions, and AI.