Jio Platforms IPO rides institutional demand to 22.19 times subscription
QIBs bid 70.6 times the quota reserved for them; retail segment bought 2.7x
Jio Platforms' ₹30,213-crore IPO attracted record demand exceeding ₹7 lakh crore, setting a new global record for investor participation in a public offering. More than 1.38 crore applications were received, with investors bidding for 655.68 crore shares against 27 crore fresh shares on offer, resulting in a 22.2 times subscription.
Qualified institutional buyers subscribed 70.55 times their portion, while retail investors subscribed 2.72 times. The anchor book attracted bids exceeding ₹2.5 lakh crore, more than 30 times the available shares. The issue, entirely a fresh allocation of 27 crore shares, values Jio Platforms at about ₹10.3 lakh crore, making it the most valuable Indian company to go public via IPO.
The funds will be used to repay borrowings of Reliance Jio Infocomm and for general corporate purposes. The shares are set to list on October 28.
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- Jio Platforms IPO draws record ₹7 lakh crore demand thehindubusinessline.com
