Friday blockbuster for Jio IPO: Rs 7.4L crore worth bids, 22x subscription
Jio Platforms has experienced a surge in demand for its initial public offering, garnering roughly ₹7.41 lakh crore in bids. The subscription soared to 22.19 times, mainly due to robust involvement from institutional investors, including domestic mutual funds and foreign entities. This enthusiasm contrasts with current trends in the secondary market, and shares are scheduled for listing on…
Mumbai: Jio Platforms' mega initial public offering (IPO), the largest in Indian corporate history, saw aggregate bids worth approximately ₹7.41 lakh crore on Friday, leading to an overall subscription of 22.19 times in public bids. This tremendous response, particularly from institutional investors, starkly contrasted with the weak sentiment in the secondary market due to soaring crude oil prices and foreign fund selling activities.
Over the three days, public bids amounted to ₹4.91 lakh crore, within the higher price band of ₹1,119 per share. The IPO, which opened on Wednesday, closed for subscription on Friday, with the shares slated for listing on October 28. The anchor book, where global and domestic bulge-bracket investors participated, saw bids exceeding ₹2.5 lakh crore, contributing to the total IPO value of ₹7.41 lakh crore.
Leading the demand in the IPO bidding were institutional investors, with QIB portion receiving 70.55 times subscription, equivalent to 3.46 billion shares for 49 million shares reserved for this category. Domestic financial institutions, such as banks and insurance companies, submitted bids for 1.52 billion shares, while foreign institutional investors placed 1.24 billion shares on offer.
The non-institutional investor segment saw a subscription rate of 14 times for 510 million shares against 36.4 million shares allotted, while the retail investors segment saw a subscription rate of 2.72 times for 231.1 million shares against 85 million shares reserved.
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