Investors pile into Ambani’s Jio IPO as bids top 10 times
As of Friday, the IPO’s institutional tranche was subscribed 26.5 times, reflecting strong demand from major investors, while the retail tranche was subscribed 2.3 times.
Indian billionaire Mukesh Ambani's first IPO in two decades, Jio Platforms, is experiencing a surge in subscriptions as investors eagerly anticipate the US$3.2 billion offering. The IPO, India's largest ever, is being closely monitored as a gauge of investor interest in large listings amid heightened scrutiny of AI-linked stocks.
Subscriptions have surpassed 10 times the shares available, driven by robust demand from institutional and retail investors, employees, and shareholders. Anchor investors, including the Abu Dhabi Investment Authority, BlackRock, and Fidelity, have placed bids exceeding US$25 billion for their reserved quota worth US$854 million, with bids surpassing the top end of the 1,119-rupee price band.
Assuming the bids reflect the top price, total demand has now exceeded US$24.5 billion. The IPO values Jio Platforms at up to US$108.3 billion, potentially transforming it into one of India's biggest companies by market capitalization when trading commences on October 28.
Written by urgent.news from Free Malaysia Today's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
