Jio IPO bids hit 70,000 crore on day 1; outpaces NSE, LIC, GIC issues
The initial public offering of Jio Platforms has attracted impressive attention, with an oversubscription of 3.16 times. Institutional investors were particularly keen, subscribing at a rate of 9.42 times, while retail investors opted for a 0.73 times rate. Non-institutional interest was stronger at 1.68 times. The company plans to allocate a large share of the funds toward debt clearance,…
Indian telecom giant Jio Platforms' initial public offering (IPO) on Wednesday saw strong demand, with the ₹30,213-crore issue subscribed 3.16 times on the first day. The IPO is priced between ₹1,065-1,119 per share and will remain open until Friday. The qualified institutional buyers (QIB) portion was particularly popular, with bids 9.42 times the shares on offer.
The non-institutional investors (NII) portion was subscribed 1.68 times, while the retail and employee shares were less popular, each being subscribed 0.73 and 1.36 times respectively. The IPO is being led by Jio Platforms, the digital and telecom arm of Reliance Industries, led by billionaire Mukesh Ambani.
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