India’s biggest initial public offering (IPO), Jio Platforms’ Rs 30,200-crore issue, witnessed a strong demand during the three-day subscription window. The issue was subscribed 22.19 times, with investors bidding for 438.26 crore shares against 19.75 crore on offer, with institutional investors driving demand. Qualified Institutional Buyers (QIBs) bid 345.75 crore shares against 4.90 crore reserved, or 70.55 times. Retail Individual Investors bid 23.11 crore shares against 7.60 crore shares on offer, or 2.72 times. Shareholders’ reservation portion is at 7.60 times, while the employee reservation is at 2.93 times. Non-Institutional Investors were at 14.00 times. The IPO comprised an entirely fresh issue of 27 crore shares.
First IPO to cross 1 crore applications
Also, the mega IPO has become the first public offer in the world to cross one crore applications. According to the latest update, it received over 1.35 crore applications. The figure beats the previously reported global record of about 97 lakh applications, set by Waaree Energies. It also tops earlier Indian record-setters such as Bajaj Housing Finance.
Raised Rs 8,110 crore from anchor investors
Jio Platforms had already raised about Rs 8,110 crore from 212 anchor investors on October 19, allotting shares at Rs 1,119 a piece, the upper end of the price band.
The anchor book reportedly attracted bids exceeding Rs 2.5 lakh crore, more than 30 times the allocation available. Investors included global asset managers and sovereign wealth funds such as BlackRock, Fidelity Investments, GIC and the Abu Dhabi Investment Authority.
According to the information shared, Jio Platforms will use up to Rs 27,500 crore of the proceeds to repay borrowings at its wholly owned telecom subsidiary, Reliance Jio Infocomm Ltd, with the remaining funds available for growth capital expenditure and working capital needs.
Jio Platforms IPO allotment date and listing date
Jio Platforms’ IPO opened for subscription on October 21 and was fully subscribed within just 100 minutes on the first day. Investors are now keenly watching the allotment and listing of shares. According to available information, allotment is expected to be completed by October 26, while the stock market listing is scheduled for October 28.
Jio Platforms IPO GMP Today
According to Investorgain, Jio Platforms IPO’s unlisted shares are trading at a grey market premium (GMP) of Rs 242. With an upper price band of Rs 1,119, the company’s shares are expected to list around Rs 1,361, reflecting a grey market premium of 21.63 per cent.
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Jio Platforms IPO sets new benchmark for Indian markets, draws record institutional demand
(This article is for informational purposes only and should not be construed as investment, financial, or other advice.)
