'Blockbuster Success': Akash Ambani Thanks Investors For Overwhelming Response Towards ₹30,213 Crore Jio IPO
Jio Platforms Managing Director Akash Ambani on Wednesday thanked domestic and international investors for their overwhelming response to the company's ₹30,213 crore initial public offering (IPO), which was fully subscribed within 95 minutes of opening. Addressing the listing ceremony at the National Stock Exchange (NSE), Ambani said investor participation had exceeded expectations and…
Jio Platforms Managing Director Akash Ambani expressed profound gratitude on Wednesday to both domestic and international investors for their exceptional response to the company's ₹30,213 crore initial public offering (IPO). The IPO was fully subscribed within a mere 95 minutes of opening, surpassing all expectations and establishing new benchmarks.
"My heart overflows with gratitude," Ambani stated, acknowledging the support of every individual and institutional investor, both in India and abroad. The Jio IPO attracted demand exceeding ₹7.5 lakh crore, making it India's largest ever IPO, surpassing Hyundai Motor India's ₹27,870 crore offering from 2024. Nearly 1.4 crore applications were received, with bids amounting to approximately ₹7.4 lakh crore.
Qualified institutional buyers led the response, subscribing 70.55 times their allocated portion, while non-institutional investors subscribed around 14 times. Ambani pledged to propel Jio to greater heights of growth, excellence, and reputation, while consistently delivering sustained value to shareholders. Reflecting on Jio's journey, Ambani emphasized how the company's achievements were made possible by the people its technology empowered.
He cited Anjali, a young girl from a remote mountainous region of Kerala, who previously faced the challenge of walking two kilometers daily to access mobile connectivity for school lessons. Jio's network eradicated this issue. Ambani highlighted that Jio's homegrown platforms now serve over 540 million customers, underscoring the company's significant impact.
He recalled Jio's initial state of having neither customers nor revenue, yet its determination to make affordable, world-class technology accessible to Indians. Ambani also remembered Jio reaching 100 million subscribers on February 20, 2017. He pledged to safeguard investors' trust by creating lasting customer value, inspired by Reliance Industries' nearly five-decade track record of shareholder wealth creation.
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