Investors pile into Ambani’s Jio IPO as bids top 13 times
NEW DELHI: Subscriptions for India’s biggest stock listing ever surged further on the final day of bidding on Friday, as investors bet on Jio Platforms’.2 billion offering to tap into the nation’s telecom and digital sector. Billionaire Mukesh Ambani’s first initial public offering in two decades is being closely watched as a test of investor appetite for large listings when AI-linked stocks are…
India witnessed a surge in subscriptions for its largest IPO ever on the final day of bidding, as investors bet on Jio Platforms' 2 billion rupee offering to tap into the nation's telecom and digital sector. Billionaire Mukesh Ambani, after a two-decade hiatus, is making his first initial public offering since 2004. Jio, under Ambani's son Akash's leadership, boasts over 500 million users, making it the second-largest mobile network in the world.
The IPO, priced between 1,119-rupee ($11.79) and 1,120 rupees, has attracted more than 12 million applications, unprecedented in India. Chinese chip giant CXMT's $8.6 billion IPO, the largest in Asia this year, saw 9.4 million applications. Jio's IPO has received over 13 times the shares on offer, valued at up to $108.3 billion, potentially making it one of India's biggest companies by market capitalisation.
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